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Succession Planning and Retirement Strategies for Law Firms and Lawyers

 
Author(s): Kathleen Brady
Practice Area: Professional Skills
Date: Jun 2020
ISBN: 9781402435737
PLI Item #: 293924

Thirty-eight percent of AmLaw 200 partners are expected to retire in the next eight to ten years. This reality is already causing financial and structural unease throughout the legal profession, yet many stakeholders prefer to avoid addressing the issue head on because it requires engaging in uncomfortable conversations. Succession Planning and Retirement Strategies for Law Firms and Lawyers showcases the perspectives of both law firm management and individual partners in order to mitigate the discomfort of retirement conversations and help develop effective transition plans that meet the needs of all stakeholders.

Written by a certified career/life management coach with more than three decades of experience working with the legal profession, this book is designed to help all participants address assumptions, thoughts, and emotions around aging and retirement to influence transition outcomes in a positive manner. It illustrates how firms can build on current professional development and well-being programs to ensure the successful navigation of this transition, and lays out a structure and timeline for preparing personalized transition plans that serve the firm, the partner, and clients. The book contains numerous tools and exercises to help guide discussions and planning.

Among the specific topics covered are:

  • Strategic plans designed to launch retirement discussions
  • Aligning talent management strategies with life cycle
  • Impact of compensation and culture on succession planning
  • Mindset of aging partners
  • Designing post-practice life
  • Tending to physical, mental and emotional well-being
  • Collaborating for better outcomes
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Kathleen Brady brings her 25 years of experience as a certified career/life management coach, author, and educator to Preferred Transition Resources. Kathleen helps lawyers identify and integrate their personal and professional goals. She launched her career in 1985 as a counselor in Columbia Law School’s placement office, then transitioned to assistant dean of career services at Fordham University School of Law. Later, she was responsible for recruitment and professional development on the employer side.

Kathleen is a past president of the National Association for Law Placement and a founding member of the NALP Foundation for Research and Education. For the past 15 years, Kathleen has brought this experience to her private coaching and consulting practice.  She also serves on the adjunct faculty of Georgian Court University.

In addition to her work as a career counselor, Kathleen is an accomplished author and has published four books about career/life transitions including, GET A JOB! 10 Steps to Career Success (Motivational Press, 2015). She is a frequent speaker at the Association of the Bar of the City of New York, Pace Law School’s New Directions Program and the Leadership Council on Legal Diversity. Kathleen has also shared her expertise with Fox News, CNN, NPR, This Week in America, and First Business Report.  She is a Certified Professional Coach, a Master Practitioner of the Energy Leadership Index, a Certified Provider of the Highlands Ability Battery and a member of the International Coach Federation. She holds an M.A. in Theology from Georgian Court University and a B.A. in Sociology from Fordham University. Kathleen and her husband live on the Jersey Shore.