Senior partner retirement is an urgent issue in the legal profession. One-third of law firm equity partners are at or approaching retirement age, and these partners control a disproportionate amount of their firms’ business. As these lawyers retire, firms will face an enormous loss of leadership, client relationships, business and professional contacts, and institutional wisdom. Yet few senior partners or firm leaders discuss, plan for or manage partner retirement.
It is important for firms to treat retirement with openness and respect as a natural culmination of career management. By doing it properly, they can encourage partners to identify and groom successors, and to transfer their wisdom, contacts and institutional knowledge to other firm lawyers. This not only helps retiring partners leave with respect and dignity, it also sends a signal to younger lawyers that the firm is a decent place to spend their careers.
As a mentor and coach to retiring partners, I help ease their transition out of the firm and into the next stage of their lives. As an advisor to leaders and managers, I help firms create conditions and policies that serve the best interests of both senior partners and the firms they leave.
If you would like to discuss or retain my retirement-related services, please contact me.