Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. Our firm is a 17-attorney business law firm in Chicago. Our clients consist of mid-size companies and a few Fortune 500 companies. There are eight partners and nine associates in the firm. Four of the eight partners are in their early 60s and the other four partners are in their 40s and 50s. The four senior partners are the founders of the firm. Consequently, we have not had to deal with succession of partners until now. While we realize that we need to be thinking about succession planning, we have not made much headway. The senior partners are reluctant to discuss their retirement plans and timelines. We would appreciate your thoughts and suggestions.
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