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This previous yr, I hung out with small companies discussing their future, specializing in the matters of attorneys retiring and succession planning. These essential points are sometimes missed on the administration degree of legislation companies. A key query arises: What ought to come first, retirement or succession planning? Though they go hand in hand, my expertise reveals that many companies keep away from addressing each.
Surprisingly, many attorneys of retirement age resist retiring, a distinction to the final anticipation towards it. I explored what makes attorneys distinctive on this regard. The creator of Retirement by Design, Ida Abbott says, “Attorneys who’ve one thing to sit up for in retirement and understand they’ve many choices forward, readily plan for it. However some attorneys have labored so lengthy, so arduous, and so efficiently, that their work has turn out to be their major supply of goal, worth and id.” From discussions with agency leaders, 4 fundamental causes for this resistance emerged:
Lack of id
Reluctance to depart
Fears about transitioning
Failure to succession plan
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