Sometimes, when a partner looks for ways to stick around and hang on to their clients, preventing the engagement from being handed off to another partner, it slows the firm’s admissions and partner growth. When this happens, colleagues can feel aggravated and navigating these obstacles can be a poor use of a managing partner’s time. It can also leave the retiring partner feeling mistreated or hurt.
However, if your firm is proactive in creating an open forum and safe space for the retiring partner to explore their post-career future and opportunities, it can help ease the tension of this transition. Give yourself and your firm peace of mind by encouraging the retiring partner to develop a post-retirement plan and playbook. Ask them to seek outside counsel from a career coach if necessary. A little prep work now will save your firm from a lot of painstaking, emotionally complicated work later. This is a big life event, and there is a lot to look forward to.