When Partners Retire—How to Retain Their Knowledge
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Source: Partner Advantage Advisory When partners retire, they may take with them their knowledge of firm history, information about clients, relationships with referral sources and clients, etc. Review your partnership agreement and, if necessary, revise it to include provisions for planning for partner retirement. Partners can retire without leaving the firm. They can work part time under different compensation arrangements. They can work on rainmaking, recruiting, mentoring, special projects, mergers, or being outside representatives of the firm. Outside work can include jobs with clients, serving on boards of nonprofits, or teaching at universities. In these positions they can serve as goodwill representatives for the firm. Key to success is developing a plan for partner retirement, which should begin five years prior to retirement. Compensation can be a percentage of revenues from personal activities, by project, or on the basis of time devoted to the practice. From Partner Advantage Advisory, October 2005, p. 7. Hudson Sawyer Professional Services Marketing Inc. www.hudsonsawyer.com. Subscription $279 per year; single issues—$25. Orders |
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