Law firm succession planning
According to a 2018 survey of U.S. midsize law firms, the industry is far behind where it needs to be regarding preparedness for a partner’s departure from the firm. Only 40% of firms surveyed said they felt prepared to deal with the retirement and succession of partners, while 61% said they were concerned with their firm’s level of preparedness.
Regardless of where your firm stands on this spectrum, it is important to understand that your clients have specific expectations regarding a transition from the retiring partner that has handled their matters for decades to a new partner that will be their main contact going forward. Handled correctly, it can guarantee the stability of key client relationships. But, if it is handled incorrectly, it can lead to a loss of business and damage to the firm’s reputation.
This white paper provides valuable insights into the succession planning process and what firms can do to ensure a smooth transition that protects the interests of all concerned parties, including:
- The current state of succession planning in the legal industry
- Key stakeholders in any succession plan
- Who should be involved in the development and implementation of a succession plan
- Insights from real customers regarding their expectations