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English arrow For Law Firms arrow Firm & Practice Management arrow Transitioning Retiring Partners

Transitioning Retiring Partners


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Price: $50.00 -
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Course #: ENFM0009R


Description

To the list that includes “death” and “taxes,” better add another item –succession.  No law firm that ever survived the retirement of a founder or major rainmaker has been able to avoid this challenging issue.  These days, many firms are now facing the “eldering” of a significant block of Baby-Boomer partners, many of whom are significant producers.

 

This Webinar will focus on successful strategies for dealing with transitioning partners out of a law firm without losing their clients or referral sources.  Using proprietary research, we will discuss best practices employed by law firms to deal with the following issues:

 

  • Partners “scaling down” prior to retirement
  • Managing expectations of “eldering” partners
  • Client communication and retention
  • Compensating for client succession
  • Post-retirement status and compensation
  • Leadership succession

 

Among the questions we will address are:

 

  • What is the appropriate time in a partner’s career at which the firm should introduce the matter of succession planning, presuming that some partners might choose to “self-initiate” the discussion?
  • How does the firm fairly compensate, both prior to and after transition, those partners who successfully plan for transitioning clients and successfully execute that plan?
  • How does the firm fairly compensate those partners who “inherit” client relationships from transitioning partners, and how does it make sure the “inheriting partner” is the right person for the relationship?
  • Should there be different protocols that govern “self-initiated” succession plans and “firm-initiated” plans?
  • What are the details of the post-transition relationship between the former partner and the firm (e.g., office and secretarial support, compensation for work done on behalf of the firm or its clients, how the former partner is presented to clients and the general public, continuing rights and responsibilities of former partners, etc.)?
  • What is the protocol for handling special cases, such as a partner who voluntarily steps out of equity status, but assumes a continuing, albeit reduced, role with the firm?

 

Who should attend?

This webinar is directed at managers and leaders of law firms that are facing the pending retirement of one or more partners and are concerned about retaining their clients and referral sources.

 

What you will receive:

Comprehensive set of PowerPoint slides and research materials.

 

Recorded: 06/17/08


 

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