Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am a member of a three-member executive committee for a 34-lawyer firm in Austin, Texas. We have been in practice for over 100 years. While we have had partners retire in the past with no issues, we are now facing a situation where seven partners are approaching retirement at the same time and each of them controls significant books of business. What can the firm do to ensure that retiring partners properly transition their clients so the firm can continue to flourish after the partners are no longer here? We would appreciate your thoughts.