As law firm economics have changed over the years, so have the expectations of senior partners readying for retirement and management of firms they often helped build.
Larry Latourette, a principal with Lateral Link, sums up the yin-yang dilemma of firms dealing with a partner’s exit. “The market has changed and a firm is leaner and meaner,” he says. “The whole retirement process is flawed and it’s not the gravy train that it once was. Despite what a law firm may want, lawyers are not known for going quietly into the good night.”
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