As we have seen recently, law firm combinations have continued at a brisk pace. In layman’s terms, most of the combinations are referred to as mergers although many are at best “merger-like.” Indeed, “true” mergers appear to be the exception and not the rule as law firm combinations continue to be announced.
Gina Passarella wrote
Another year for law firms is in the books and the numbers, to state it mildly, do not signal a return to the pre-2008 halcyon days. Based on a report from the respected Georgetown Law Center for the Study of the Legal Profession, it appears that challenges to the legal profession continue and are
Succession planning is an issue that many law firm managers worry about. They ask whether their firm has done enough planning, whether the pool of successors is deep and whether the firm will be stable when transition to new leadership happens. Because succession planning is so important to many of today’s law firm leaders, we’ve
Law firms today and in the future must deal with a shifting legal services market that makes succession a more formidable task. Succession is not simply finding a way to deliver the gold watch with dignity and promoting firm-wide acclamation for the new leader. No, it is a lot more as recent reports and analyses
Law firm succession, whether leadership or client focused, has been an issue for law firms for a long time. Recent articles written about the legal industry suggest that succession will be different if not more difficult in the future.
At the risk of waxing about the “good old days,” it is arguable that operating a
Aric Press’ recent piece on lawyer retirement is excellent in identifying some of the subtle challenges for law firms dealing with Boomer departure. Press’ Is it Time for You to Go, Joe? describes the difficult conversation faced by law firm leadership seeking to transition senior lawyers and their practices. Press goes on to observe
As discussed in my last post, Law Firm Succession Planning 2015: Leadership’s Hidden Challenge (Part One), the confluence of upbeat economic news with generational differences in the lawyer ranks presents a problem for law firm leaders not having an institutional succession plan. The issue is not just theoretical-Altman Weil’s 2015 Law Firms in
Altman Weil’s 2015 Law Firms in Transition report recently came out and as usual it offers interesting and valuable information about the law firm industry as well as the perceptions and attitudes of law firm leaders. One fact noted by AW in its report is that in 2015 much of the industry is enjoying
Passing on leadership to the next generation at small to medium law firms can be a challenge. These firms give themselves the greatest chance of success for eventual transition if they identify future leadership early and take the time to nurture the best prospects before succession presents itself. Taking on this blocking and tackling is
Leon Shapiro’s recent “How to Improve Your Organization’s Succession Planning” in Executive Street: The Business Leader’s Resource, reviewed the state of succession planning among many business organizations. Mr. Shapiro’s article noted the near universal recognition of its importance among business leaders, yet their confession that in many cases not enough is done for
