Shari Klevens (left) and Alanna Clair, Dentons. (Courtesy photo) Succession Planning May Be a Gift to Clients and Colleagues
Planning can give clients peace of mind to know that their preferred lawyer has an adequate support network available to provide ongoing services, as it shows that the client's needs can still be met regardless of an illness or other unexpected event.
October 05, 2020 at 10:59 AM
6 minute read
Pre-pandemic surveys reported that 73% of lawyers in the United States lack a cohesive retirement plan but instead intend to "die at their desks." However, the ongoing pandemic and resulting remote working environment has caused some lawyers to reassess their life priorities with a focus on future plans. For some, this has meant exploring other opportunities for employment. For others, this has meant considering long-term career goals, including potential retirement.
Retirement is not a dirty word. A well-planned retirement process can help serve as a tribute to an accomplished career. But lawyers who do not consider what will happen to their practices when they stop practicing law may be harming themselves, their clients and their colleagues. Thus, succession planning can give lawyers and law firms a valuable tool to maintain some measure of control over the future.
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