When it comes to the future of a law firm, good things come to those who plan. Your firm is only as strong as your lawyers; what happens when a key rainmaker or firm partner retires? Recently, Law Times newspaper, a leading Canadian legal publication, reached out to Lynn Foley, CEO of fSquared Marketing, for her thoughts on succession planning.
To ensure a smooth transition, law firms need to start planning for a lawyer’s departure at least three years before retirement, Lynn said. With the youngest of the Baby Boomers turning 53 this year (and the oldest already in their 70’s), succession planning has become a pressing concern for the legal industry. Small firms often struggle to transfer clients and with securing replacements for priority positions, while large firms can become complacent about client needs. Too often, both are caught unprepared.
A successful succession plan not only helps with firm structure: it also safeguards relationships with valued clients.
“If there’s a feeling of pride in the firm, partners will want to leave something behind for the next generation…Succession planning is about safeguarding the foundations.”
Lynn Foley has helped law firms secure their succession planning for over a decade, both as in-house senior management and as CEO of fSquared Marketing. Here you can read more of her thoughts on succession planning for your law firm, or speak to her directly about securing the future of your law firm.