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?
Does your firm have at least 15 partners age 55 and over? ___Yes; ___No
Do many of them seem to have trouble “letting go”? ___Yes; ___No
Has the firm talked with them about eventual transition out
of partnership into "retirement" from the firm? ___Yes; ___No
Is there an established process for this other than an economic policy?
Does the firm provide encouragement, and most importantly, provide support and services for transitioning? ___Yes; ___No
Are younger partners champing at the bit to have senior people transition their responsibilities and clients to them? Worse, are there resentments? ___Yes; ___No
Is there a breach in the atmosphere of trust between senior and junior partners?
Between senior partners and firm management? ___Yes; ___No
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 firstname.lastname@example.org.
We'll share our “Best Practices for Transitioning” list at a brief meeting to discuss your challenges and needs around transitioning.
Phyllis Weiss Haserot
Practice Development Counsel