Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am an equity partner in a 36-attorney firm in Miami. We have seven equity partners, eight non-equity partners, and 21 associates. Our practice is limited to civil litigation defense and our clients are institutional clients consisting of business firms, governmental agencies, and insurance companies. The ages of our equity-partners are: 64 62, 60, 58, 54, 48, and 44. The firm does not have a succession plan for the senior partners and has not discussed the matter. I am not sure what the partnership agreement provides. I am concerned about our future if we don’t start addressing this. I would appreciate your thoughts.
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