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Without Mandatory Retirement, Lack of Succession Plans Threaten Small and Midsize Firms

In the post-pandemic era, widely adopted flexible work arrangements have given lawyers a new view of their work. But in a profession without mandatory retirement policies, a partner’s decision to keep practicing may not entail a discussion of the ultimate succession of their practice and clientele.

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The pandemic initially caused many lawyers to speed up their exit from the profession. But it was also the reason some decided to stick around, exacerbating one of the most common impediments to succession planning: the transition of institutional clients to up-and-coming partners.

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