{"id":112562,"date":"2023-06-09t11:58:27","date_gmt":"2023-06-09t15:58:27","guid":{"rendered":"\/\/www.g005e.com\/?p=112562"},"modified":"2024-08-27t17:02:11","modified_gmt":"2024-08-27t21:02:11","slug":"retiring-partners-are-valuable-assets","status":"publish","type":"post","link":"\/\/www.g005e.com\/2023\/06\/09\/retiring-partners-are-valuable-assets\/","title":{"rendered":"retiring partners are valuable assets"},"content":{"rendered":"

\"smiling<\/a>why throw them out?<\/strong><\/p>\n

by august j. aquila<\/i>
\nwhat makes a great partnership<\/i><\/a><\/p>\n

there has been a lot of debate about the lack of future partners and how firms are going to survive from one generation to the next. and, at the same time, many firms may have an asset that they are getting ready to retire \u2013 their older partners. firms are so worried about generational differences in the workplace that they tend to forget about the value of their senior or older partners.<\/p>\n

more: <\/b>how to deal with underperforming partners<\/a> | when \u2018quiet quitting\u2019 hits the partner ranks<\/a> | 12 points of a good compensation plan<\/a> | ten steps to a new managing partner<\/a> | what managing partners must be doing<\/a> | do your partners pay their own way?<\/a> | how to create firm accountability<\/a>
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i am not suggesting or recommending that unproductive partners should be kept in the firm. these partners should be dealt with immediately, no matter what age they are.<\/p>\n

however, i am suggesting that we look at senior partners as valuable assets and determine how we can best employ them.
\n
\nsenior partners possess a wealth of knowledge about the firm, client relationships, long-term referral sources and the firm\u2019s oral history. retaining this intellectual capital makes any firm stronger. however you decide to use senior partners, make sure it is a win for the firm and the partner.<\/p>\n

getting started<\/strong><\/p>\n

make sure that your partnership agreement clearly lays out the retirement process. while you will want to keep some retiring partners on board, you do not want to have to keep all of them, if you do not want to.<\/p>\n

key partnership agreement issues<\/strong><\/p>\n

all firms need to have a clearly stated retirement process in place. this permits the firm to proactively plan for succession, secures the transfer of client relationships from one generation to the next, and allows younger professionals to move up through the ranks. today, many partnership agreements have a mandatory retirement age, which is usually 66. at that point in time, the firm, not the retiring partner, has several options:<\/p>\n