Succession Planning with Ida Abbott


In this episode, Alay and Ida discuss: 

  • Preparing your firm for an uncertain future. 
  • What retirement means in 2022. 
  • How to properly hand over your firm with confidence. 
  • Having purpose and meaning in your retirement. 


Key Takeaways: 

  • It is never too soon to start (and keep) thinking about succession planning for your law firm. 
  • Longer lifespans and better medical access are changing how and when people retire. There is no single plan for everyone. 
  • Your retirement plan will most likely take longer than you think.
  • Design your retirement so that it’s right for you. 
  • Maintain a list of retirement ideas that sounds interesting to you. 


Tweetable Moments:

  • “Retirement means whatever you want it to mean; we are living in a time of great social and personal experimentation. There are no rules about retirement.” —  Ida Abbott
  • “Whatever you decide to do, it’s going to take longer than you think. That’s the only thing we know for sure.” —  Ida Abbott
  • “There are always opportunities to step away and think about what’s possible.” —  Alay Yajnik
  • “The last thing you want to be doing, when you’re heading down this path, is to be locked into the same patterns that you’ve always been locked into; you have an opportunity for a fresh start.” —  Alay Yajnik



About Ida Abbott: 

Ida Abbott helps individuals and firms design creative, purposeful and dignified retirements. She is an internationally recognized expert on legal talent and career development, especially mentoring, advancing women, and her current focus, retirement. In recognition of her lifetime contributions to the legal profession, she has been elected a Fellow of both the American Bar Foundation and the College of Law Practice Management. Ida is an advisor, coach, speaker, and author of several seminal books, including Retirement by Design, named one of the best retirement books of 2020 by The Wall Street Journal.



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