All professional athletes eventually face the same challenge: when to retire and what to do after retirement. For the most part, an athlete’s career is limited in time because of the physical demands of job. Lawyers on the other hand do not face these constraints. There are many lawyers who practice well into their 70’s or 80’s and some who never choose to retire. But for many law firms and for many law firm partners, this is not an optimal strategy. Healthy businesses need a healthy succession plan and after 40 years in practice, many lawyers are ready for some sort of change.
As the pandemic has caused many law firms and partners to rethink their priorities, the issue of what to do with senior partners has become more timely. Firms are already under a lot of under a lot of financial stress. A lack of succession planning only adds to this.
In the latest episode of the Counsel to Counsel Podcast, I welcome back Larry Stybel of Stybel Peabody. At the beginning of the year, before the pandemic became a reality for most of us, Larry and I spoke about finding happiness in the practice of law. This time, Larry and I discuss the challenges that seniority presents to both law firms and to aging partners. Wherever you get your podcasts or click here.