While law firm change is scary, in today’s evolving legal services market the absence of change may be scarier. Law firm leaders don’t need to read expert’s opinions about the quickly moving marketplace, they see it close-up as competitors proliferate and competition intensifies. Simply standing still by relying on tried and true practices is not
For a lot of law firms, “business as usual” is like a favorite pair of shoes-they seem to fit and sure feel comfortable. When that is the case, falling back on usual practices continues as long as there is no pressure to change. But once a watershed event occurs that shakes the foundations of management
In an earlier blog, Law Partner Retirement in Place—Solving Won’t Work/Won’t Leave (Part One), we presented the vexing problem of having a partner that slows down workwise but still draws a full partnership share. Unfortunately, this upsetting situation exists at more firms than are willing to admit. While eliminating the awkwardness the abuse represents
Let’s face it, the hugely important issue of law firm succession has a lot to do with senior attorney retirement. Recognizing that, more law firms have prepared for coming retirements by infusing new leadership, transferring existing client relationship responsibility, and coaching the next generations to be business developers. When succession is done right, a firm
Law firm succession is a huge issue for many of today’s law firms. Not surprisingly, more firms than ever before are focusing on succession by adopting written succession plans that address leadership succession and client relationship transfer. Despite the importance of succession, many firms have no written plan and remain unprepared for transitioning leadership or
As more law firm mergers are announced, the idea of pursuing a merger crosses many a law firm leader’s mind. The idea of grabbing greater market share, entering distant markets, bolstering capabilities, or addressing succession can spur thoughts of combination. Those potential results or outcomes can seem compelling and cause a firm to jump into
Law firm succession planning represents an important component to law firm longevity. The two forms of succession most often discussed-leadership and client relationship transfer-should be top of mind to any firm thinking about being an enduring institution. While leadership succession can be a significant challenge, creating an effective client relationship transfer strategy is among the most complicated things to achieve.
In client relationship transfer, it takes four different parties to make it work. First and foremost is the client without whom there can be no client relationship transfer. Surprisingly, too often the client’s thoughts and perspectives on relationship succession are not prioritized, at least to the degree desired by the client. If the client’s interests are neglected, there is little hope for a successful plan.
The issue of succession planning at law firms is a topic of great importance. The need to address succession won’t always wait until a convenient time and makes planning as important than ever.
Succession planning among firms, whether leadership succession or client relationship transition, is a mixed bag. Some firms have thought about it deeply
As the calendar year comes to a close, there is a lot to do at most law firms. Activities like collecting bills, distributing profits and casting next year’s budget can occupy many a leadership team. The tasks at hand can be time consuming and all engrossing. Given the importance of these short-term issues, thinking about
There 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
