Law Firm Articles

Retirement Basics: For the Law Firm

Law firms, like all organizations, must deal with the issue of retirement — the final phase in an individual’s work life. There are the normal issues of providing the financial assets from which to pay retirement benefits, but there are also issues of succession, transition, management, leadership, and clients. These issues are significant. They don’t go away or resolve themselves if ignored. Furthermore, delay limits the range of solutions and their affordability. The intent of this article is to provide an overview of these issues, encourage further reading on the topic, and stimulate an educational process for all. The material is derived from data compiled by Altman Weil, Inc. over the years from its surveys of the profession regarding retirement and withdrawal, and from the author’s consulting experience.

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