I am the Director of Administrator in a 45 attorney law firm in Miami. Twenty of these attorneys are partners and ten of the partners are in their late fifties and mid to late sixties. While we have a semi-retirement program in place it is not mandatory and many of our senior attorneys are unwilling to address issues pertaining to succession and transition of their practices. Do you have any thoughts or ideas you can share regarding creating incentives for senior attorneys to address and deal with the issue of retirement?
Larger law firms are moving away from mandatory retirement. However, many large law firms still have mandatory retirement. According to a recent survey approximately 57% of law firms with over 100 attorneys have mandatory retirement programs. At the other end of the spectrum many smaller firms that never had mandatory retirement are beginning to incorporate some form of mandatory retirement in their agreements. In firms of all sizes and whether they have mandatory retirement programs or not – getting senior attorneys to deal and cope with aging is a challenge. Here are a few thoughts:
Aging is a difficult time for all of us and it is normal not to want to think about age related issues much less to begin planning. Your role will be to help senior attorneys take baby steps and come to terms with aging in general.
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John W. Olmstead, MBA, Ph.D, CMC
Posted at 09:24 PM in Succession/Exit Strategies
Tags: Aging, Are, Attorney, Attorneys, Coping, Firm, Firms, How, Law, Retirement, With