Approximately 30% to 40% of law firm attorneys are composed of senior partners. Law firm bottom lines could significantly benefit if firms created a solid plan to maximize the revenue they bring into their firms. It is obvious that they have the experience, connections, and ability to mentor more junior lawyers. Senior partners are also...
Those of us who came up the ranks a generation or more ago were taught that all problems, large and small, are solved by developing new business. A court just ruled against you? A new matter eases the pain. A big client just went under? Bringing in a new one takes the sting right off....Continue reading
Law firms owe much of their success to the hard work of baby boom generation senior partners. I know these folks well—I was one of them before I retired. They have big investments in their firms, reflected by big capital account balances. They consider these investments risk-free and expect returns of funds on demand when...Continue reading
In this newly published article in Business of Law Digest (BOLD), I take up some of the more sensitive and frustrating aspects of partner succession planning. “Baby Boom generation law partners are not doing a particularly good job of retiring from practice. They know they will have to leave the profession someday, but cannot imagine...Continue reading
Mandatory retirement is a hot button issue for many law firms. All would prefer that older partners leave law practice when their willingness or ability to contribute to the firm’s success has run its natural course. Making retirement compulsory at a certain age can help accomplish this objective, depending on a firm’s compensation and ownership...Continue reading
From the client’s perspective, the imminent retirement of a relationship partner is problematic because it threatens an interruption in service. Clients know, sometimes from painful experience, that many law firms do not have programs in place for ensuring service continuity when lead partners retire. They also know that Baby Boomers are retiring in droves, and...Continue reading