The number of firms with written succession plans for their MP/CEO is 41%. For firms above $30 million, this increases to 63%.
Of the firms that provided data on retiring partners, 2.9% of all equity partners retired in 2022, and another 3.1% are expected to retire in 2023. In these firms, those percentages represent 367 equity partners.
At 52.2 years, the average partner age is starting to decrease, down from 52.6 years last year, as firms continue to replace retiring partners with younger ones. In nearly 8% of firms, the average age of the partner group is 60 and above, and 26% have an average partner age of 55 or older. 28% of firms have an average partner age under 50, an increase from 23% last year.
The average age of the MP across all firms is 55.4 years, a decrease from 56.1 last year. A little more than 30% of all firms have an MP age 60 or older; 12% have an MP age 65 or older; and 7% have an MP age 67 or older.
