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Partner retirement - grasping the nettle
Modern Lawyer
Vol. 1 - Iss. 4 pp. 14–18
Jan 2018
Many law firms of all sizes are now encountering the challenge of the baby-boomer generation of partners starting to retire. These partners have witnessed and been instrumental in achieving considerable growth in the reputation, revenue and profitability of their law firms for the 30+ years that many have been with their firms. Furthermore, this generation of partners hold or have held a range of senior positions in the firm, whether at firm-wide or practice group level and have often been key to the development of the firm's major client relationships. Accordingly, dealing with this generational transition is a key issue - handled well and the firm can go from strength to strength, handled badly and the future of the firm may be in doubt.