A push in the right direction - encouraging firms to plan for partners' retirement
The major asset for most law firms is the partners working in the business. It is therefore surprising that, when it comes to providing retirement income, most firms take the view that it is the individual partner's responsibility to organise this and make the appropriate arrangements. However, unless law firms actively encourage – or even oblige – partners to make full provisions for their retirement, this could make succession planning difficult. Partners who have not made adequate retirement provision could end up in a situation where they cannot afford to retire. The Leslie Seldon case highlights some of the problems around this issue and the difficulties for all parties.
Most law firms leave it to partners to make plans for their retirement, but they are often too busy to spend time on their own financial planning and fail to take the adequate steps. Mike Fosberry explains the difficulties this can create and why encouraging partners to make arrangements is a more prudent approach
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