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

By Dan Roe, Justin Henry and Jessie Yount
January 01, 2023

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.

Of lawyers aged 62 and up who said the pandemic changed their retirement plans, 47% said the pandemic caused them to hasten their plans while 53% said it caused them to postpone retirement, according to the American Bar Association's 2021 Profile of the Legal Profession. And if the economic downturn continues into 2023, even more lawyers could reconsider their retirement plans.

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