Succession planning is effectively the same as long term strategic planning. Every partner of every law firm needs to think about succession issues. At a very personal level, the question for partners is “when I want to retire, will I be the one to turn the lights out in our firm or are there other partners coming behind me?”
Bunching of partners has happened in many firms and the recession has meant that for those firms there are no obvious younger partners in prospect. The survival of every law firm may depend on how well the current generation of partners faces its long-term planning issues.
We can help with succession planning in law firms in a number of areas including
- The firm’s strategy for its general growth and development, and the likely impact on leadership, management, partner promotions.
- The effect of promotions on the firms leverage structure
- Skills development to ensure that partners have the necessary attributes to take the place of outgoing partners
- Early partner retirements and age profiles generally
- Retirement and Retirement Equity
- Client succession plans
- Management and leaders succession
- Diversity planning
- Risk Management