Consider retention, both staff and clients.
By Marc Rosenberg
The Rosenberg Practice Management Library
I’ll start with the punch line. Yes, it is a best practice.
But only if your firm’s vision is to stay independent into the next generation by developing future leaders and retaining retirees’ clients.
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If you are a small firm with partners who love what they do, have no hobbies to pursue in retirement and basically want to die at their desks, then no, it may not be a best practice. These partners are saying: “This is my firm and no one tells me when to retire, especially based on my reaching some arbitrarily decided age.”