Your law firm’s strength lies in its lawyers and people. If you’re unprepared for a rainmaker’s retirement, or a managing partner’s transition, it can seem as if the very foundations are rumbling. With the youngest of the Baby Boomers passing the age of 50 in 2015, the need for succession planning is becoming acute.
Many partners find themselves not quite ready, or, as a result of the financial crisis at the end of the last decade, able to retire. Some younger partners and lawyers may want a different work-life balance and may not view succession as an opportunity they wish to pursue. Firms need to find a balance for these individuals, especially if the firm has a mandatory retirement age.
Management will need to consider factors such as timing, communication, compensation, gaps in lawyer ranks, desire to work past retirement, and most importantly, client wants and needs. A succession plan will help you to ease the transition, ensuring that the firm continues to perform at its best.