The US legal sector is grappling with significant challenges, particularly concerning partner retention and business succession planning, with many Am Law 100 firms facing high turnover rates. To address this challenge, firms are investing heavily in training and development, aiming to prioritize professional growth and partner satisfaction through comprehensive onboarding, skill development workshops, mentorship and educational resources. Despite these efforts, partner and associate departures persist due to factors like:

  • A growing demand for work-life balance: Long hours and high-pressure environments strain the work-life balance, leading to burnout and attrition.
  • Lack of growth opportunities: Limited career advancement and professional development avenues deter talented individuals from staying long term. Without clear pathways for career advancement and leadership development, this lack will inevitably lead to partner dissatisfaction and turnover.
  • Inadequate benefits and insufficient retirement assets: Am Law 100 firms struggle with tailoring cost-effective retirement solutions that cater to diverse employee needs while ensuring financial stability. Despite competitive salaries, many struggle to retain talent due to shortcomings in partner benefits programs.
  • Poor succession planning: Firms set up long ago still follow the same dated policies. These policies may have been ideal when they were established, but they may not satisfy the younger generation's needs. So, when older partners retire, younger partners do not feel equally motivated to step into senior partner roles.

Am Law 100 firms must find solutions to these issues and understand their driving factors, consequences, and implications for business succession planning. Read the report and connect with your Gallagher consultant to strategize.

Author Information

Disclosure Statement

GBS Insurance and Financial Services, Inc., does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be use, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

Rory Lough: Securities may be offered through Triad Advisors, LLC ("Triad"), member FINRA/SIPC. Triad is separately owned and other entities and/or marketing names, products or services referenced here are independent of Triad. Neither Triad nor their affiliates provide accounting, legal or tax advice. Review the Triad Form CRS.

Ann Marie Liotta: Securities offered through M Holdings Securities, Inc., A Registered Broker/Dealer, Member FINRA/SIPC. Cohn Financial Group is operated independently from M Holdings Securities, Inc.

This material was created to provide information on the subjects covered, but should not be regarded as a complete analysis of these subjects. The information provided cannot take into account all the various factors that may affect your particular situation. The services of an appropriate professional should be sought regarding before acting upon any information or recommendation contained herein to discuss the suitability of the information/recommendation for your specific situation.

Nothing in this publication should be taken as individual investment advice. Anyone seeking investment advice for his or her personal financial situation is advised to seek out a qualified advisor or advisors and provide as much information as possible to the advisor in order that such advisor can take into account all relevant circumstances, objectives, and risks before rendering an opinion as to the appropriate investment strategy.


Client Relationship Summary

For compliance-related questions about our investment advisory services or to request the most current version of this relationship summary, please review our Client Relationship Summary or call (212) 330-1011.