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I am currently pursuing a position to be a 401k workplace planning consultant with Fidelity Investments. I would like to connect with someone who has gone through that training and early hiring process to make sure I have a solid understanding of the position. This is specifically for the Raleigh/Durham NC area if possible.
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Yes, absolutely. Among the most difficult issues to address because it wastes cash and robs younger lawyers of opportunity. It appears that many of them have little else in their lives other than work and/or have planned poorly in terms of financing retirement.
Happy to talk. I dealt with 5 partners like that and I was the youngest at the time and stuck it out with then 3 of us paying the finally retirees buyouts over past 7 years!! It was hard but rewarding to look back at what the 3 of us accomplished.
I know a regional multi-office firm with mandatory reduction time/earnings of 20% per year starting at 65 so the attorney is out at 70. They may have raised that to match SSA retirement age. I always thought that was very smart.
Sure. As long as they still bring in lots of business, feed their associates and staff, and do good work, I’m generally fine with it.
Still, the older generation that built a hugely successful business needs real succession planning. Hoarding management and not mentoring the mid-level partners will cause problems later when there’s no one ready to take over.
Set a firm date for your own retirement. You don’t want to be one of the lawyers who stays too long. That’s embarrassing. My retirement party is December 2, 2032.
Mine is about 4 months before that!
Problem is a lot of the guys more senior than me have no existence outside of the office, so if they leave, they will lose the one thing that defines them
Have some that just won’t say when or help us plan for it. We at least need an approx date to plan. Sheesh
Several🙄
Yep, but why should they go? The firm rewards the business you “bring” and so they hold their clients close. That means that when they go, it will hard to keep the client. Bad for the firm, but that is the model.
System should pay them for a successful transition!
In our comp system clients stop being an attorney’s client for origination purposes after 5 years. That Removes the incentive to stay forever or refuse to look for new work.