Of the dozen or so characteristics of today’s most successful law firms, succession planning is perhaps the most often neglected. Yet, succession should be an important element in many firm-wide strategic plans. Succession can be viewed in the context of firm leadership, client relationships and organizational involvement. It involves identifying and grooming future firm leaders, and rewarding retiring partners for successful transition, not just personal productivity.
In this thoughtful and well-researched article, Jim writes that law firms would benefit greatly from long-term planning and that succession – critical to sustainability – should command leadership’s full attention. We couldn’t agree more.