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NEW DATE: Navigating Succession – Through the Lens of The 100-Year Life – in-person

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Free for members

11 Jul 2024 — London

Details

Law firm partner retirement is being disturbed as we inch toward the 100-year life. How will your firm handle the disturbance?

A partner, turning 60 today, already has better than 50:50 odds of living to 90-years plus. That’s another one-third of life still to go. And many, many 60-years olds feel vibrant, energetic, and in prime condition. So, the traditional 3-phase career model of education-career-retirement makes little sense. ‘Why retire? I’m not ready for the sofa and day-time TV.’  Some want to keep working as normal. Many more want to continue working, but in a different way. We’re experiencing a fourth phase squeezing itself into the traditional career model between full-on career and full-on retirement. And even through it doesn’t have an agreed name yet, it can easily last 15-years and more.

In this new phase, a partner chooses to continue working, but in a different way – maybe choosing a part-time role, becoming an internal consultant, finding an encore career in a new field, securing a non-executive directorship, starting a business, turning a leisure pursuit into a full-time project, or creating a basket of some or all the above. The edges between full-on working and full-on retirement are now very blurred.

It can be a tricky time for partners as they approach the point when they need to think seriously about retiring. It’s a big transition with:

1) Practical considerations – how much money will I need?

2) Emotional aspects – fear of the unknown, loss of the familiar

3) Issues of identity – who will I be without the label of partner?

For many, the temptation is to put off thinking about it……and then put it off some more…..and then some more.

In turn, this makes it tricky for the law firm. The firm needs clarity, but partners can remain unclear for too long. And, even if clear, some partners are nervous to declare their intentions until the last minute. Both make succession planning difficult and inefficient.

How can law firms address the disturbance the 100-year life is bringing?

In the session you will consider:

  • Fresh thinking about the definition of senior succession planning
  • Designing an approach to senior succession planning that:
    • honours individual partners for their contribution,
    • helps them leave as advocates and ambassadors,
    • improves your firm’s position in the war for talent, and
    • avoids the ugly face of age discrimination.

The session will be led by Pauline Caldwell, Director of Momentum Business Consulting. Pauline is an experienced global HR practitioner, Executive Coach and Non-Executive Director working across the broader professional services spectrum.

She will introduce two guests:

Oliver Johnston, Founder of the specialist coaching practice, ‘Stepping Out From the Top Team

Tony Lawless, recently retired as Director, Strategic Development, Canada Life Assurance Europe

Timings

09:00 – Breakfast and registration
09:30 – Session starts
10:30 – Session ends

Please note, this event is free for members, £125+VAT for non-members.

Date & Time

Thu, 11th July 2024
09:00 – 10:30

Location

King & Spalding International LLP
8 Bishopsgate
London
EC2N 4BQ

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