Back in the antique days of law firm management, a founding partner would pick promising young attorneys and help chisel them into the leaders of tomorrow. The new leaders’ toil would then help the senior members transition into retirement.
The second-generation partners entered into agreements, either formal or not, to help finance the retirement pay and insurance benefits of their predecessors. But for those firms that don’t have an obvious next generation to take over, the future can be less clear. Law firm management consultants say for those that don’t have a succession plan in place, merging with larger firms is becoming a more attractive option.
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