Succession planning in law firms can mean many different things to different people. Whether it refers to the transitioning of a managing partner, the retirement of a rainmaker or the ‘just in case’ scenario, succession planning is often put off until tomorrow.
With the youngest of the Baby Boomers passing the age of 50 in 2015, tomorrow is today and the pressures of succession planning for the majority of law firms are becoming acute.
Many partners find themselves not quite ready, or, as a result of the financial crisis at the end of the last decade, able to retire. Some younger partners and lawyers may not want the same work/life balance their older colleagues have enjoyed and may not view succession as an opportunity they want to pursue. Firms need to find a balance for these individuals, especially if the firm has a mandatory retirement age.
As such, management will need to consider factors such as timing, communication, compensation, gaps in lawyer ranks, desire to work past retirement, and most importantly, client wants and needs, while addressing succession plans.
Services available include:
- Assessment of firm specific succession planning issues
- Succession Plans for Individual Lawyers
- Key Client Programs including communication plans
- Client Feedback Programs
- Lateral Partner/Lawyer Planning