Planning for Partner Retirement | BCGSearch.com

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Planning for Partner Retirement

A partner’s retirement can have an adverse financial impact on a law firm unless proper planning is done. This is particularly true of a firm’s big rainmakers. Loss of even a few large clients when a rainmaker departs can have a severe impact on the firm’s bottom line. Failure to successfully transition management can also have disastrous consequences, leaving a practice group or the entire firm directionless and stumbling. A firm’s partnership agreement should clearly address retirement issues to plan for a successful, orderly transition.
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