Succession planning is a difficult task for law firms. Do you want to be the one to tell the fiery warhorse in the corner office it’s time to put away the briefcase? Law is often a reactionary practice. Firms are hesitant to expand practices or bring in new attorneys until they are certain there is requisite demand. No two firms are completely alike and many are expert succession planners, but many also fall into a “complacency trap,” meaning the senior leadership is seen as bringing in enough revenue to not disrupt a good thing (i.e., wait and see until the last minute to find a suitable replacement), especially if a partner can help make a smooth transition of personal client relationships maintained over decades.Read More
