Today’s law firm has four generations working side by side and it is not uncommon to see this within partnerships. As each generation approaches retirement, the firm faces critical issues concerning how partners phase out, which firm leaders must be replaced, how will key critical clients be placed into others hands, and what effect will this have on the firm as a whole.
Add to the equation the issue of compensation, roles within the partnership, and how someone can continue to practice but not be actively involved in the partnership brings a whole new face to the issue.
Transitions of active partners to non-active partners takes many years and requires lots of advance planning and preparation.
In our opinion, the law firm that succeeds is the perpetual law firm that is not dependent upon any one partner but recognizes and appreciates each partner and provides for proper succession as the firm evolves.