According to research from the American and Canadian Bar Associations, in 63% of law firms, partners aged 60 or older control at least one-half of law firm revenue. Many law firms have practicing attorneys in their 60s and 70s, and 30-40% of lawyers in private practice are beginning the retirement process. Law firms need to have strategies in place that allow more senior partners to gracefully retire as well as a plan for who will fill their vacancies. Law firms can do much better. Many law firms are not actively thinking about succession planning: according to the MPF survey, “73% of respondents said that their firms were doing only a fair or poor job at identifying and preparing future leaders.”Read More
