The Wall Street Journal recently ran an article titled “Law Firms Have a Big Problem: Senior Partners Aren’t Retiring.” Notably, the “problem” isn’t that older lawyers are unproductive, unprofitable, or incompetent. The article faults them for failing to share their valuable client relationships, thereby blocking advancement for ambitious younger partners, who then leave for other firms. What it overlooks is that the firms’ own financial rewards system and internal competitiveness discourage senior partners from sharing their business. That is the real problem. Besides, there are better ways to open leadership opportunities and groom future leaders than pushing older lawyers out. I describe one approach in “Succession planning – ensuring client continuity when leaders retire,” the chapter I contributed to a book that was recently published and discuss below.
The WSJ article describes incentives some firms are using to encourage retirement, including financial benefits for retiring early and retirement counseling. I applaud these supportive efforts, and I know them well: firms often call on me to help them design retirement processes and to coach and counsel senior lawyers. For partners who are ready to leave practice or are receptive to the idea, coaching and financial incentives can work at any age. But many senior partners love their work, remain competent, vigorous and high performers well into their 60s and 70s and beyond, and have no wish to stop. Why should they? As the article notes, lawyers have…
