A Boomer Quiz
How well will you cross the Boomer bridge?
The large number of Baby Boomer senior partners are making their presence felt in yet another way: they are coming up upon what is considered the traditional retirement age, and there is no process in place at most firms for transitioning planning and achieving a win-win situation for both the individuals and the firms. With no road map, the tensions are reaching the surface. Is your firm prepared?
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Does your firm have at least 15 partners age 55 and over? ___Yes; ___No
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Do many of them seem to have trouble “letting go”? ___Yes; ___No
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Has the firm talked with them about eventual transition out of partnership into "retirement" from the firm? ___Yes; ___No
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Is there an established process for this other than an economic policy? ___Yes; ___No
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Does the firm provide encouragement, and most importantly, provide support and services for transitioning? ___Yes; ___No
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Are younger partners champing at the bit to have senior people transition their responsibilities and clients to them? Worse, are there resentments? ___Yes; ___No
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Is there a breach in the atmosphere of trust between senior and junior partners? ___Yes; ___No.
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Between senior partners and firm management? ___Yes; ___No
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How are you addressing these challenges? _______________________________
If the above questions piqued your interest and you know they need to be addressed, contact us at 212-593-1549 or pwhaserot@pdcounsel.com.
We'll share our “Best Practices for Transitioning” list at a brief meeting to discuss your challenges and needs around transitioning.