In recent years, we’ve been helping quite a few firms with succession planning issues on the consulting side of our business. Consequently, we’ve done extensive research on the topic and this is by far the best White Paper we’ve read on succession planning for professional services firms. Although geared toward CPA firms (which I believe are paying more attention to succession than law firms), it discusses the same issues to which law firms should be paying diligent attention, including:
- Retirement funding,
- Firm infrastructure,
- Mandatory retirement,
- Transitioning clients,
- Compensation considerations, and
- Grooming future leaders.
Nearly 1,000 CPAs from 500 multi-owner firms participated.