Transition Planning and Flexibitlity for Senior Partners

Many of the stories about senior partners pressured to retire so the next generation can take over are not pretty. They contradict long-held notions of what a partnership should be and neglect the long-time partners' non-financial needs.

For younger generations in the workplace to get what they want from a transitioning agreement, there must be something in it for the more senior people too. Here are my thoughts and recommendations.

Why Inter-Generational Tensions?

There may be a number of ways that tensions between the generations in the workplace are manifested, but the root causes tend to be one or more of the following:

• Younger partners wanting to wield more authority, and senior people being reluctant to let go;
• Differing work and life objectives between the generations;
• Compensation issues and policies; and
• Openness to new ways of doing things vs. a culture preferring 'the way we've always done it.'

With regard to the last two points: In a risk-averse organizational culture, a basic safety net is needed to get buy-in for doing things differently.

Flexible and Fair

No one would argue with the statement that people at all levels should be treated fairly, but how 'fair' is defined and how it is implemented often are in the eye of the beholder. 'Fair' relates to compensation, opportunities, and ability to choose.

Many firms limit choices because it is easier to administer and measure everyone the same way. Typically, arrangements that allow options or choices are not only arrived at in an ad hoc fashion but also kept undisclosed except to those directly affected.

Most law firms that have flexibility policies do it as an accommodation for people with childcare responsibilities ' as if those were the only people with a need for flexibility in their work lives. Senior partners are rarely included, though they may have eldercare responsibilities or other personal needs. Alternatively, senior partners may simply want to cut back on their billable hours (in exchange for reduced compensation) while continuing to be productive contributors to the firm in a variety of ways.

Offering senior partners flexible choices is fair. More openness about the benefits to the firm of individual arrangements will also make it more likely for flexible arrangements to be perceived as fair, thereby reducing resentments and stigma.

What Management Can Do

Even if they have led pressured lives for many years (and maybe because of that), most senior partners and other professionals want to continue to make valuable contributions and have opportunities for growth and learning ' at a pace that allows more breathing and renewal time.

Some would like to stay with their firm or organization for years to come; others would like something different for their next phase. In either case, firms that institute a coherent and flexible transition policy can benefit from improved goodwill, client referrals and professional development. Institutional knowledge and goodwill is a terrible thing to waste.

The issues involved in transitioning and flexibility for people at all levels can be quite sensitive, often more for the more senior people than the younger ones. Part of management's role is to provide the needed push toward the outcomes desired, being aware of the frequently strong emotions involved. Management can:

• Support planning and show respect for senior professionals and executives who have contributed so much for many years;
• Provide a future-planning workshop on transitioning and related issues for partners (and perhaps counsel) over 50;
• Provide coaching for individuals who need guidance in identifying and planning for their next career/life destination and in transitioning responsibilities and clients to younger generations;
• Set clear time frames, expectations, and criteria upon which performance and behaviors will be evaluated; and
• Accept that times and expectations have changed, and that solutions are attainable if there is an openness and willingness to find them. You don't have to have all the answers yourself; take advantage of or lead people to valuable resources.

What Individuals Should Do

The first thing is to face the reality that change is coming, whether by your choice or not. Identify what you would like your future to be. With good health, you have many years to go; shouldn't you be doing what you want to do? Perhaps a new full- or part-time career is an exciting prospect. How do you get from where you are today to your next destination? Or, how can you continue indefinitely to be valuable to your firm? How can you transfer your skills or pick up new ones? What would you like your legacy to be? What do you need to maintain your identity, self-worth and financial needs?

Start thinking and mapping out your next phase of career/life early, so that you can reach your desired place on your timetable ' rather than have someone else or controllable circumstances take your options away.

How to Start

This is a dual responsibility and challenge, for firms and the affected individuals. Don't wait until a change in status is looming and people with no plans feel as if they are about to fall off a cliff. (We have witnessed a lot of panic behavior, and it's not healthy for anyone.) Planning ideally should start at age 50, and certainly by age 55.

Talk with knowledgeable advisers to develop and implement a program and policies:

• Put the pieces of the puzzle together into a program that answers the important questions, creates reasonable expectations and fosters positive, long-lasting impressions and relationships between the firm and personnel at all levels; and
• Schedule your first workshop.

I feel strongly that the above is smart business as well as the right thing to do. These are diversity, inclusiveness, and high performance culture issues with a solid business case.

Many of the stories about senior partners pressured to retire so the next generation can take over are not pretty. They contradict long-held notions of what a partnership should be and neglect the long-time partners' non-financial needs.

For younger generations in the workplace to get what they want from a transitioning agreement, there must be something in it for the more senior people too. Here are my thoughts and recommendations.

Why Inter-Generational Tensions?

There may be a number of ways that tensions between the generations in the workplace are manifested, but the root causes tend to be one or more of the following:

• Younger partners wanting to wield more authority, and senior people being reluctant to let go;
• Differing work and life objectives between the generations;
• Compensation issues and policies; and
• Openness to new ways of doing things vs. a culture preferring 'the way we've always done it.'

With regard to the last two points: In a risk-averse organizational culture, a basic safety net is needed to get buy-in for doing things differently.

Flexible and Fair

No one would argue with the statement that people at all levels should be treated fairly, but how 'fair' is defined and how it is implemented often are in the eye of the beholder. 'Fair' relates to compensation, opportunities, and ability to choose.

Many firms limit choices because it is easier to administer and measure everyone the same way. Typically, arrangements that allow options or choices are not only arrived at in an ad hoc fashion but also kept undisclosed except to those directly affected.

Most law firms that have flexibility policies do it as an accommodation for people with childcare responsibilities ' as if those were the only people with a need for flexibility in their work lives. Senior partners are rarely included, though they may have eldercare responsibilities or other personal needs. Alternatively, senior partners may simply want to cut back on their billable hours (in exchange for reduced compensation) while continuing to be productive contributors to the firm in a variety of ways.

Offering senior partners flexible choices is fair. More openness about the benefits to the firm of individual arrangements will also make it more likely for flexible arrangements to be perceived as fair, thereby reducing resentments and stigma.

What Management Can Do

Even if they have led pressured lives for many years (and maybe because of that), most senior partners and other professionals want to continue to make valuable contributions and have opportunities for growth and learning ' at a pace that allows more breathing and renewal time.

Some would like to stay with their firm or organization for years to come; others would like something different for their next phase. In either case, firms that institute a coherent and flexible transition policy can benefit from improved goodwill, client referrals and professional development. Institutional knowledge and goodwill is a terrible thing to waste.

The issues involved in transitioning and flexibility for people at all levels can be quite sensitive, often more for the more senior people than the younger ones. Part of management's role is to provide the needed push toward the outcomes desired, being aware of the frequently strong emotions involved. Management can:

• Support planning and show respect for senior professionals and executives who have contributed so much for many years;
• Provide a future-planning workshop on transitioning and related issues for partners (and perhaps counsel) over 50;
• Provide coaching for individuals who need guidance in identifying and planning for their next career/life destination and in transitioning responsibilities and clients to younger generations;
• Set clear time frames, expectations, and criteria upon which performance and behaviors will be evaluated; and
• Accept that times and expectations have changed, and that solutions are attainable if there is an openness and willingness to find them. You don't have to have all the answers yourself; take advantage of or lead people to valuable resources.

What Individuals Should Do

The first thing is to face the reality that change is coming, whether by your choice or not. Identify what you would like your future to be. With good health, you have many years to go; shouldn't you be doing what you want to do? Perhaps a new full- or part-time career is an exciting prospect. How do you get from where you are today to your next destination? Or, how can you continue indefinitely to be valuable to your firm? How can you transfer your skills or pick up new ones? What would you like your legacy to be? What do you need to maintain your identity, self-worth and financial needs?

Start thinking and mapping out your next phase of career/life early, so that you can reach your desired place on your timetable ' rather than have someone else or controllable circumstances take your options away.

How to Start

This is a dual responsibility and challenge, for firms and the affected individuals. Don't wait until a change in status is looming and people with no plans feel as if they are about to fall off a cliff. (We have witnessed a lot of panic behavior, and it's not healthy for anyone.) Planning ideally should start at age 50, and certainly by age 55.

Talk with knowledgeable advisers to develop and implement a program and policies:

• Put the pieces of the puzzle together into a program that answers the important questions, creates reasonable expectations and fosters positive, long-lasting impressions and relationships between the firm and personnel at all levels; and
• Schedule your first workshop.

I feel strongly that the above is smart business as well as the right thing to do. These are diversity, inclusiveness, and high performance culture issues with a solid business case.