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Several weeks ago I distributed a survey to ascertain how law firm partners want their firms to support them as they prepare to retire, and what law firms are actually doing in that regard. A big thank-you to the lawyers who answered the survey questions. Below I will discuss some of the most salient findings.

In addition, as you think about the upcoming holidays, remember that my book, Retirement by Design, is a practical, enjoyable and worthwhile gift for your colleagues, friends and family who may be thinking about or entering retirement. It’s a great gift for yourself, too! It’s available from most book sellers, online and in stores. And be sure to check out my website and YouTube channel for many other resources to help individuals contemplating retirement and to help law firms support their lawyers through succession and retirement transitions.

Survey Results

The 2024 Retirement Best Practices Survey sought information about “whether and how law firm partners plan for retirement and client succession and what their law firms might do to support them.” Survey responses were submitted by 142 partners. Because the survey was anonymous, the number of law firms they represented is unknown. However, based on the contact information provided by those lawyers who chose to do so, it is clear that the firms ranged very broadly in size and location. Moreover, some individual law firms and…

The 2024 Retirement Best Practices Survey I wrote about in my previous newsletter is still open. The survey is intended to ascertain what law firms can do to support lawyers through succession planning and retirement. If you are a lawyer who is retiring now, planning to retire soon, or starting to think about retiring, I hope you’ll answer the survey questions. And if you know lawyers who fall into any of those categories, please forward the link to them and ask them to complete the survey. It takes only 5-10 minutes and is completely anonymous; whether you include your name or firm is entirely optional. https://www.surveymonkey.com/r/IdaAbbottSuccessionPlanning 

Here’s how my survey can benefit your law firm specifically: If your firm has at least about 25 partners to whom this survey is directed, or if your firm is part of a law firm network whose total number of partners is sufficiently large, I can create a dedicated link for your firm or network. (A substantial number of potential respondents is necessary to generate enough responses.) The survey questions will remain the same but the dedicated link will produce firm- or network-specific data that will be directly relevant and highly useful to your firm or group as it manages partner succession and retirement. If you would like a dedicated link or for more information, please get in touch with me.

UN-RETIREMENT
‘I flunked retirement.” I’ve heard that line many times when I…

July/August 2024

Law firms that call me to discuss partner retirement and succession processes almost always ask about “best practices.” Because there has not been much interest or activity regarding partner retirement until recently, there are no clear answers. I tell them about various firm policies and practices that I consider excellent, and also suggest how they can create their own. But for me to advise firms on how they can best help their lawyers retire in a way that satisfies the needs and interests of both the retiring lawyers and the firm, I would like to know what my readers are thinking and doing in this area.

Many of you are retired, retiring or planning to retire in the next several years. And even if you’re not, you likely know other lawyers who are. So, I have created a brief survey to ask about your experience – how you’re approaching retirement and client succession, if and how your firm is supporting you, and what you would like your firm to do. It will take no more than 10 minutes to respond. Feel free to send the survey link to any lawyers you know, in your firm or elsewhere, who might want to participate. Here’s the survey link.

Please note that this survey is confidential. You do not need to provide your name unless you want me to follow up with you or to send you a summary of the…