🔍 Exploring the complexities of partner transitions in law firms: Our latest article examines the evolving landscape where approximately 16.7% of Am Law 200 partners face the challenge of transitioning as they near or surpass retirement age. From debates on ageism to evolving workforce dynamics and the impact of lateral movement, we explore how firms are adapting their retirement policies and succession planning strategies. Key insights include: - The increasing number of lawyers working beyond 65, contrasts with broader workforce trends. - Challenges and strategies in smoothly transitioning leadership roles. - Case studies from firms like Greenberg Traurig and Winston & Strawn on flexible retirement policies and effective succession planning. Read more about navigating these critical transitions and industry best practices here: https://lnkd.in/g3-bqd4D #LateralLink #LegalIndustry #PartnerTransition #SuccessionPlanning #AmLaw200 #LawFirms
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Lawyer Coach/Law Firm Consultant/Speaker/Author/Executive Director, Young Partners Accelerator. WFPB Mentor
As a firm leader are you doing everything you can to ensure your firm's future? Helping the next generation starts with preparing this generation to retire. This piece shares insight from these legal leaders: Ida Abbott, Teresa Rider Bult, Michelle Schulz, Tim Ramsey, Michael Downey, David Ernst, Scott Schulten, Karen Borofsky, Erin Rhinehart, and Andrew Polott. Thank you all for your input! #lawyerretirement #retirement #partnerretirement #lawmanagement #legaltalentadvisors
Practice Innovations: Preparing your senior partners for retirement and taking control of your law firm’s future - Thomson Reuters Institute
thomsonreuters.com
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Lawyer Coach/Law Firm Consultant/Speaker/Author/Executive Director, Young Partners Accelerator. WFPB Mentor
On the opposite end, as a firm leader you should be developing your newest #partners so they can be your next Client Relationship Managers. Register your newly promoted (or soon-to-be promoted) lawyers for the Young Partners Accelerator. It covers everything they need to know to excel as a partner. Check it out: ypaccelerator.com #YPA #youngpartneraccelerator #newlypromotedpartner #lawyerdevelopment #attorneydevelopment
Lawyer Coach/Law Firm Consultant/Speaker/Author/Executive Director, Young Partners Accelerator. WFPB Mentor
As a firm leader are you doing everything you can to ensure your firm's future? Helping the next generation starts with preparing this generation to retire. This piece shares insight from these legal leaders: Ida Abbott, Teresa Rider Bult, Michelle Schulz, Tim Ramsey, Michael Downey, David Ernst, Scott Schulten, Karen Borofsky, Erin Rhinehart, and Andrew Polott. Thank you all for your input! #lawyerretirement #retirement #partnerretirement #lawmanagement #legaltalentadvisors
Practice Innovations: Preparing your senior partners for retirement and taking control of your law firm’s future - Thomson Reuters Institute
thomsonreuters.com
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Succession Planning for Lawyers and Law Firms. Former Am Law 100 Succession Planning Partner. Food Safety Mediator. Helping the next generation become skilled advocates, rainmakers and community leaders.
There are so many options available to senior lawyers today that "stop practicing law" may be a more accurate and inclusive term than "retirement." Do these word differences matter? Let's face it: some lawyers don't like saying the "R" word. It can bring up a whole host of emotions, some of which I have discussed in previous posts. I understand these emotions, and had some of them myself. My focus here is on succession planning, not retirement. I would like to see mandatory succession planning in law firms, rather than mandatory retirement. We have an obligation as senior lawyers to help raise up a new generation of lawyers who will remain at our firms because they see a path to take over client relationships. And clients deserve to know early (years, not months) who will be handling their matters when you stop practicing. So, if the word retirement bothers you, think of this next phase as what you want to do after you stop practicing law. It you want to stay at your firm in an advisory role, talk with your partners now about creative options. If you want to leave your firm and start up a new business, more power to you! If you want to embrace the traditional definition of retirement, that's great as well. But don't let a fear about retirement stop you from doing thoughtful succession planning. It's too important to ignore.
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Look out for our #whitepaper in the New Year. It will explore how #lawfirms support their partners into retirement, how they mitigate against the risks and what is best practice. #ageinclusion #HR #retirement #encore #encorecoaching
Interesting article in The Times on mandatory retirement ages. Different firms take very different approaches to retirement age and succession planning. Look out for our #whitepaper in the new year on how law firms in the UK are supporting their partners and senior leaders at retirement stage and what’s best practice in creating an age-inclusive culture. #HR #retirement #encorecoaching https://lnkd.in/ebvJNBAJ
60 not out: should firms ditch mandatory retirement ages?
thetimes.co.uk
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I am pleased to post my most recent article for HR Dive that discusses: 1. When can an employer mandate #retirement? 2. How can an employer incent retirement? 3. What are the legal issues associated with asking about retirement plans? #succession planning
Biden’s ‘passing of the torch’ spotlights corporate succession planning
hrdive.com
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Every Retirement Plan Needs Practices and Procedures for Self-Correction https://bit.ly/3RUtksx #Retirement #Work #Laws
Every Retirement Plan Needs Practices and Procedures for Self-Correction
natlawreview.com
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Every Retirement Plan Needs Practices and Procedures for Self-Correction https://bit.ly/3RUtksx #Retirement #Work #Laws
Every Retirement Plan Needs Practices and Procedures for Self-Correction
natlawreview.com
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It’s annual review season! One of the most important times for establishing success of a plan throughout the year and reviewing the progress made over the prior. If you’re trying to determine how to construct a committee, this article is great. Here are my 3 key takeaways: - Retirement plan committee members serve an important fiduciary role in overseeing their company's benefits program. They must make prudent decisions to uphold ERISA and properly manage the plan. Ongoing education and training is vital. - Committees should aim for diverse representation from across the organization. While expertise is not required, members should understand their fiduciary responsibilities. Consultants can provide specific expertise. - Key education topics include: fiduciary duties, plan administration basics, litigation trends, investments, and documentation. Knowing plan operations and legal issues allows committees to make better decisions. https://lnkd.in/gzXyCSHc #401k #erisa #hrbenefits #retirementplans #fiduciary #wealthmanagement
Maintaining Successful Committee Requires Continuous Education, Right People
plansponsor.com
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"Justia Webinars: Retirement Planning Strategies for Law Firm Owners" You know the ins and outs of law in your practice area, helping clients day-in and day-out for years to achieve the happy ending to their cases, but now it’s time for you to settle down for your happy ending too. However, there are many multifaceted considerations to think about as a law firm owner […] https://lnkd.in/gS4hUmpF
Justia Webinars: Retirement Planning Strategies for Law Firm Owners
https://snooper-scope.in
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Yesterday I attended the invitation-only Annual Policy Innovation Forum at Georgetown University Center for Retirement Initiatives, led by Angela Antonelli. A question occurred to me after hearing insightful debates on fiduciary burdens, excessive litigation, and stifling of innovation: Is there an opportunity to reduce these flaws by achieving unprecedented performance transparency of 401(k) plans, thus broadening employee understanding of performance, and empowering choice of participation or even of employment, much as occurs in most open markets? I don’t know the answer. But if so, Benchmine is ready to contribute. #401k #benchmarking #erisa #fiduciary #planadvisor #plansponsors #benefitsadministration
2023 Annual Policy Innovation Forum - Georgetown Center for Retirement Initiatives
https://cri.georgetown.edu
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