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March 3, 2008 by David Sorin.
Yes baby boomers, we are getting tired. We have practiced law for forty years or so and we want to slow down, even get out all together. Is our firm ready for that? If all baby boomers want to start cashing out, is the cash there? Can the firm survive?
What a dilemma for firm founders. They have put their heart and soul into building a successful law firm and when they want to retire and live out their lives in luxury or near luxury they may have to destroy their creation to be able to do it.
Hopefully, there is some planning going on somewhere. Baby boomers being the biggest age group in our nation’s history, are going to be retiring in droves over the next few years. Firms should have been preparing for this for years. Those that bought in will want to be bought out. How will we do it? When will we do it? Plan, plan, plan.
Posted in Firm Culture, Profitability, Financial Planning, People Management | No Comments »