Are You Ready For Retirement? No, Not Yours!
This isn’t about 401(k)s, golf courses, or Mediterranean cruises. It’s about whether your law firm is prepared for one of the biggest business risks on the horizon: your top rainmaker’s retirement party!
The numbers tell the story. According to a 2022 survey by the legal consultancy Altman Weil, at least one-third of all U.S. lawyers are Baby Boomers (born between 1946 and 1964). Many of them hold the keys to client relationships, institutional knowledge, and the lion’s share of firm revenue generation. Without a plan, the looming retirement wave leaves client relationships, institutional knowledge, and firm stability dangerously exposed.
Despite the risks, many firms, especially smaller or solo practices, still operate without a formal succession planning process. Too often, leaders rely on what might be called the “Hope and Wait” approach: a passive path that gambles on a natural successor magically emerging or defers action until a retirement crisis is at hand.
By leaving succession to chance, firms don’t just risk disruption when senior partners retire; they stall the growth of the next generation of lawyers. Without a clear process, rising lawyers miss out on mentoring, leadership opportunities, and client exposure that prepare them to step up. Ultimately, failing to manage succession proactively undermines both professional development and business continuity.
This is where good talent management technology could help.
OneSuccession module uses intuitive workflows, integrations and risk prediction algorithms to move succession planning beyond grind and guesswork to a more strategic, efficient, insight-driven process. Designed for law firm leaders, the software helps firms move from reactive to proactive with customized succession planning checklists tied to retirement timelines and predictive modeling that spotlights tomorrow’s leaders.
You’re Covered for Cyberattacks and Disasters:
But What About Partner Retirements?
Think about your firm’s approach to business continuity. You likely have plans for technology
failures, natural disasters, or data breaches. But what about the retirement of a senior partner?
Leadership transitions are just as critical to your firm’s ability to continue operating smoothly.
How robust is your current succession strategy? Do you have a way to identify future leaders five to ten years before a partner retires? Do your succession goals have touchpoints tied to performance reviews, coaching, and knowledge transfer? Or are you still relying on manual guesswork to spot flight risks and rising talent?
If those questions give you pause, it’s time to take a hard look at your succession strategy.
Succession planning isn’t a “nice-to-have.” It’s business continuity. The question isn’t whether your firm needs it - it’s whether your current strategy is strong enough to carry your business into the future.
