If you’ve been following us over the years, you know that we regularly survey firm leaders about topics relating to law firm leadership and management. And we consistently find that succession planning – in areas such as firm leadership, legal knowledge and expertise, and client relationships – is among the most neglected aspects in the business side of running the firm. In fact, most firm leaders give their firms poor marks in this most important area. In this article, we highlight finding of our most recent survey and offer best practices for succession planning and management. Here are few highlights of the article:
- Seventy percent (70%) of first generation firms do not survive their founding partners
- Elect a Deputy Managing Partner and charge him/her with important firm-building projects
- Create client teams and industry practice groups with both senior and junior lawyers actively involved
- Require senior lawyers to present annual transition plans at the outset of each year
These are good ideas to transition a law firm into the future. What is your firm doing to ensure its long-term success?