Preparing emotionally for retirement is not easy. Partners face unique challenges in defining their value once they are no longer practicing law. They must find new interests. They must cope with anxiety at the prospect of living on a fixed income. They must separate their identities as lawyers from their identities as people. Retiring means...Continue reading
A retiring partner must put in a lot of work to successfully transition clients to junior partners. It isn’t always easy to get them to do it. As an advisor to law firms about retirement succession, I share the strategies and initiatives I executed to transition my $6 million practice to younger partners. I worked...Continue reading
We spend decades being lawyers. By the time we reach retirement age, we’ve devoted more time to being lawyers than almost anything else in our lives. Many of us have been lawyers for longer than we’ve been spouses and life partners, and longer than we’ve been parents. We work hard. We often have few outside...Continue reading
The two years of hard work I did to transition my $6 million practice to my younger partners was an expression of gratitude to my AmLaw 100 firm, Barnes & Thornburg. Six months after I signed on, one of my children died suddenly – the worst thing that can ever happen to a parent. When...
Everybody knows the “why” of retirement succession. If it doesn’t happen, a retiring partner’s clients will go to other firms. As most partners reach their peak earning years just before retirement, the revenue loss to their firms if no transition occurs can be steep. So the question whether to invest in a retirement succession program...Continue reading