By Roger Hayse on Posted in Law Firm Leadership,Law Firm Succession,UncategorizedSuccession and succession planning are hot topics in the legal profession. One statistic explains the focus on the topic – only about 30% of law firms make it beyond the first generation. Why Do So Many Law Firms Fail? Why do so few law firms make it to the second generation? Consider this progression of… Continue Reading
By Andrew E. Jillson on Posted in Law Firm Leadership,Law Firm Merger,Law Firm Succession,Law Firm TransitionThere are two primary succession challenges law firms face. Leadership succession is one and is a vitally important step to assure a firm’s longevity. A second kind of law firm succession involves the succession of client relationships as senior-lawyers wind-down or retire. As hard as leadership succession can be, managing client relationship succession can be… Continue Reading
By Roger Hayse on Posted in Law Firm Leadership,Law Firm Succession,Law Firm TransitionA few law firms have had the benefit of organic preparation for succession. Their natural tendencies led to grooming the next generation for the transition of client relationships and management responsibilities. A small percentage of firms have actually executed carefully prepared formal succession plans. But, the overwhelming majority of law firms are not prepared for… Continue Reading
By Andrew E. Jillson on Posted in Law Firm Leadership,Law Firm Succession,Law Firm TransitionAt a growing number of law firms, the Boomer generation is reaching the age when retirement among the ranks has partners leaving in increasing numbers. Numerous industry focused writings have noted an array issues faced by law firms experiencing retirements. As partners retire, financial ramifications can be felt. The monetary payout associated with the retirement… Continue Reading
By Andrew E. Jillson on Posted in Law Firm Leadership,Law Firm Merger,Law Firm Succession,Law Firm TransitionEvery year law firms of all sizes merge. For some of the smaller law firms merging, the decision to combine may have been driven by the need for an effective succession plan. In these cases in which long-time management is unenthused about the prospect of turning the keys over the next generation, merger can be… Continue Reading
By Roger Hayse on Posted in Law Firm Leadership,Law Firm Succession,Law Firm Transition,UncategorizedThe best way a mentor can prepare another leader is to expose him or her to other great people. John Maxwell Quality decision-making has a great deal to do with shaping the ultimate fate of all law firms. Today’s post focuses on the value of today’s law firm leader engaging the insight and decision-making acumen… Continue Reading
By Roger Hayse on Posted in Law Firm Repositioning/Turnaround/Restructuring,Law Firm Succession,Law Firm TransitionThis is the second in a two part series addressing the idea of selling your law practice as part of a succession plan. Part one addressed issues related to defining personal objectives, compliance with local bar rules, and practice valuation. In this post we will look at three remaining considerations: Finding a buyer, Negotiating the… Continue Reading
By Roger Hayse on Posted in Law Firm Merger,Law Firm Succession,Law Firm TransitionFirst generation law firm leaders find themselves confronted by a classic “good news-bad-news reality.” The good news is that they are nearing the end of what for most has been a rewarding career. The bad? Most have no clear path of succession— for client relationships or leadership responsibilities. There are a host of reasons; but the… Continue Reading
By Andrew E. Jillson on Posted in Law Firm Leadership,Law Firm Succession,Law Firm TransitionSuccession planning is an important issue for many law firms, especially as the Boomers and Generation Xers age and the human resource pyramid becomes an irregular shaped box. When you add in the assault on the industry from client competition, alternative service providers, and artificial intelligence, the necessity of doing succession right is more critical… Continue Reading
By Andrew E. Jillson on Posted in Law Firm Growth,Law Firm Leadership,Law Firm Succession,Law Firm TransitionAlmost daily, lawyers come together and open new law firms. High expectations accompany such births. With owners committing to work hard, promising to exercise given and acquired skills, and counting on a little (but not too much) luck, the newly created institution teases with the prospect of success. The positive vibes at inception may be… Continue Reading
By Roger Hayse on Posted in Law Firm Succession,Law Firm TransitionWhat is your law firm worth? This question is paramount when the owners of a firm consider the possibilities related to a merger, a succession plan involving existing members, or the outright sale of an established practice. There are variations by state as to what can and cannot be sold as part of transitioning of… Continue Reading
