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Partner
Retirement
Retirement is a sensitive issue, but for
the firm’s survival, it “has to be faced head-on” and well in
advance of the actual event- as much as three years in advance.
The firm has to prepare other attorneys
to take over the client matters. It has to transition the
clients into the change. And it has to set up a system to pass
on the retiring partner’s management authority.
It’s easy to deal with retirement when an
attorney is still healthy, vigorous, and productive. But in
the twilight of their careers, partners have difficulty coming
to grips with it. They don’t want to face it. They don’t want
to think about being out of the mix.
The firm, therefore, needs not only to
settle the issues involved in the partner’s retirement, but also
to create an atmosphere of helping the partner “leave a good
legacy.”
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