With law firms beginning to recognize the reality of the generational shift, more and more are putting succession planning on their to-do lists. However, many fail to fully sense the urgency of the situation and how the number of partners who are currently nearing retirement age may have a devastating impact on firm revenues absent effective planning. The following explores the financial ramifications that can result when senior partners, who are typically the biggest billers in most law firms, begin to retire in large numbers—and some steps firms should take starting today in response. With some proper planning, firm mindedness and a good bit of luck, the firm will be serving clients long after today’s partners retire. Read More
