The partnership demographic at U.K. law firms is “a ticking time bomb,” a new report into the profession has warned. “The Paradox of Partner Retirement,” published last week by consultancy Jomati Partners, claims that many U.K. law firms are failing to effectively manage the transition between generations of partners or to engage them on retirement issues.
“For partners, the culture within most law firms remains one of high challenge and low support, and for the majority, their retirement planning remains haphazard,” the report says. “Given that these partners are likely to have had leadership roles in client relationships, practice groups or in offices over much of the last 20 years, how they leave will remain a significant issue for their law firms.”
