“A partner’s retirement can have an adverse financial impact on a law firm unless proper planning is done.”
I put lawyer partner retirement in Google, and this quote popped up. My initial response was “duh….”! And when I thought about it for a second, I recognized how much this represents exactly what we know (and do) about retirement in our industry. We really have only taken our heads out of the sand on this subject in the last couple of years!
Consider this article from the ABA journal last year – that you may have read, and then passed around to others, and that was the extent of it. Here we are, another year later, and the same problem exists – we have a population that is tilted toward retirement age and no one wants to talk about it.
When does your firm talk about succession planning? What about talking with corporate clients about their succession planning? How do you influence the conversation? If you haven’t tended to succession planning, nor addressed client’s succession plans, you have plenty of opportunity to direct the future of your firm. Where do you begin?
Leaders’ Lab will gather on September 22nd to discuss your next steps and collaborate with other legal leaders to hear what they are doing. The investment is an hour of your time and the desire to advance your firm – nothing more. What’s stopping you?