Smooth client handover, effective succession planning, a calm and prepared retiring partner……
John is 64 and a full share equity partner in a 50 partner law firm. He has a sizeable client following in a niche practice area, works 60 hours most weeks and is due to retire next year. He hasn’t thought about it in any detail. He assumes he’ll stay on as a consultant. He hasn’t had any client conversations on the issue and his team are in the dark about what will happen. There has been an informal chat with the Managing Partner 6 months ago but no follow up.
John is anxious, fearful, insecure and feels unsupported.
The Managing Partner is unsure how to approach it so she does nothing. She can’t find any guidance or support on how best to deal with this.
Sadly, John and the Managing Partner have peers in similar situations throughout the legal sector.
Positively Legal has developed a Retiring Partner Programme, adapted on a case by case basis for the specific needs of client firms and individual retiring partners.
The key benefits:-
For the firm – ensures it derives maximum benefit from a structured partner exit, by optimising opportunities, reducing risk and minimising disruption to the business, particularly for
- client handover
- succession planning
- knowledge and wisdom transfer
For the retiring partner – enables him/her to prepare and plan calmly and effectively for life beyond partnership, and taking advantage of any support offered by the firm pre or post retirement eg structured phase down period, alumni groups.
The main elements of the programme are:-
- a Transition Plan agreed between the firm and the retiring partner
- coaching support for the retiring partner
Very few law firms have structured retiring partner programmes, unlike the accountancy sector where this is common practice. Contact us to discuss the options for putting a programme into your firm.