Jul 25, 2021
Aging baby boomers now fill the senior ranks of many law firms across the United States. Because of this, hundreds of partnerships will be facing succession planning issues in the next decade. How can firms make successful transitions and ensure the long-term viability of their practices? How will senior partners transition their clients to younger partners, so the clients are well served in the future? How will the next generation assume responsibility for managing the firm of tomorrow?
Underpinning all this is a reality: Lawyers are living longer, lawyers have very strong professional identities, and many senior lawyers are not doing a good job of planning their own transitions. A lot of lawyers have worked hard for so long that it is difficult to imagine what might fill the void if they were to leave or cut back.
What will these attorneys do when they are no longer chairing a department or actively serving clients they have worked with for decades? What are some of the creative strategies that lawyers have used to figure out what comes next?
My guest Ida Abbott has thought a lot about the subject and has put together a great resource for helping senior lawyers to address these challenging existential issues. On today’s show, we will be talk about her book Retirement by Design and we discuss some of the practical considerations for lawyers who are further along in their careers.
Ida is a leader in the field of talent management and an internationally recognized expert in the areas of mentoring, sponsorship and the advancement of women into leadership. As a lawyer and consultant to the legal profession, she has focused on the power of mentoring relationships to guide, support and transform professional careers from the beginning of practice through retirement.