I have been thinking about the results from a recent survey conducted by the Zeughauser Group. Although the survey covered a variety of issues, the responses related to succession particularly struck me.
- When describing the top objectives for their firm, the most frequently stated objective was to “achieve long term stability.”
- When describing the biggest challenge facing their firm in the next 3-5 years, the biggest challenge stated was “transitioning leadership to the next generation”, closely followed by “transitioning client relationships to the next generation.”
- Finally, when asked about the biggest priority in the next 3-5 years the greatest priority was “building a more stable future.”
Continue Reading Will Your Firm Be A Victim of the Law Firm Succession Crisis?
The market volatility during the last year and the increasing concerns about a coming recession foreshadow risk for many law firms. Additional market disruption may lead to challenges for firms of all sizes and in most practice disciplines.
Most firms are in the final stretch for this year, wrestling with collections, budgets, promotions and compensation decisions. All of these are important activities. But, while focused on wrapping up 2018 let me suggest one more subject that deserves attention — something that stands a chance of making a real long-term difference.
As we approach the the long Thanksgiving holiday I’m reflecting on my appreciation for law firm leaders who are accountable and drive a culture around that standard.
Don’t waste your time trying to control the uncontrollable, or trying to solve the unsolvable, or think about what could have been. Instead, think about what you can control and solve the problem you can solve with the wisdom you have gained from both your victories and your defeats in the past. – David Mahoney