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The Law Firm of the Future

Adapting to a Changed Legal Marketplace

John M. Westcott

During the “golden age of law firm growth” from the late 1960s until 2007, most large law firms adopted a default growth strategy, increasing practice areas and offices, aided by the momentum of the tail winds of law firm growth. Since the recession of 2008-2009, however, the legal marketplace has drastically changed. In this timely book, Jay Westcott suggests strategic building blocks that firms can adopt in order to adapt themselves to this radical change and prosper as lasting institutions.
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Chapter 13: Retirement policies

John M. Westcott

Extract

I believe that most large law firms should have a mandatory retirement policy to open up opportunities for younger partners, who otherwise might choose to leave the institution and take their talent and practice base elsewhere. To build a lasting firm, management must address the reluctance of partners nearing or at retirement age to retire from the practice of law and move on to a life as a retired partner with little or no financial support from the firm. To do this, the firm must require partners to fund retirement plans themselves out of current profits.

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