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Partners Approaching Retirement: Transitioning Their Clients and Setting Their Compensation
While most firms like to consider clients to be those of the firm and not of any particular attorney within the firm, it is generally acknowledged that specific attorneys are responsible for developing, nurturing and maintaining the firm's relationship with each of its clients. This article describes a common procedure that may act as a guide to transitioning clients during a partner's pre-retirement years.
To continue to maintain the firm's good relationship with these clients upon the retirement of the attorney responsible for their account, certain steps should be taken to allow and assist other attorneys within the firm to develop a direct relationship and have responsibility for managing these clients.
During the years preceding retirement, a retiring partner may wish to gradually reduce the number of billable hours that he or she spends on client work. Additionally, many partners believe that it is counter-productive to the transition process for a retiring partner to continue to perform a significant amount of billable work for a client being transitioned to another partner since it takes away opportunities for others to develop relationships with these clients. Further, it is generally recognized that transitioning clients from the retiring partner to another member of the firm will require time and effort on the part of the retiring partner, which may not be billable.
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