Most firms are faced with the dilemma of keeping long term managers who are major contributors to the firm but for whatever reason are not ready to be equity partners (or who perhaps never will have what it takes to be equity partners). In the past, most of us would not make the decision to outplace the long-term managers since from many perspectives including client service, engagement and staff management and profitability, they did a great job.

Almost every firm that I work with has a succession issue in the near term. Baby boomers are retiring at an accelerating rate and firms are coping (or not) with the transition issues surrounding those exits. One of the topics of conversation especially in this environment is whether the firm has a mandatory retirement age in its partner agreements. And if they do, how does the process work, what is the definition of retirement, what is the right age, what about employment after retirement, etc.

What do you think of when you hear the word "coach"? For most of us it brings up thoughts of athletics and someone who has coached a team that we have been a part of or maybe one that we follow as a fan. If you had the opportunity to play on a winning team and work with a great coach, especially in your younger years, you won't forget it.