Author(s): Sandra J Boyer - Legus International, Hermann Knott - KUNZ Lawyers, Susan Saltonstall Duncan - RainMaking Oasis, Jaap Bosman - TGO Consulting, August J Aquila - AQUILA Global Advisors, LLC, Pam Loch - Loch Associates Group, Veronica Mann - Talis Financial Advisers, Shelley Dunstone - Legal Circles , Ronnie Fox - Fox & Partners
Publication date: Feb 2022
This book is excellent in raising the many issues around retirement and succession planning.
Succession Planning: Ensuring Smooth Transitions for Lawyers and their Firms provides the invaluable perspectives of nine distinguished experts and practitioners on various aspects of this challenging topic.
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A very helpful guide.
Succession planning may be regarded almost as a contradiction in terms at some law firms, but this concise and well-written book shows why that is such a mistake.
It has never been more important for law firms to plan for the future. A highly competitive market, an aging profession, the changing ambitions of younger generations, many of whom place greater importance on work-life balance than reaching top leadership levels, and a long-held reluctance to discuss retirement and succession, all combine to create what some are calling a succession crisis. It is time to face the issue head-on and start putting systems in place to ensure the long-term success and health of lawyers and their firms: succession planning is the answer to this.
A successful succession encompasses two core elements: transitioning firm management to a new generation, and transferring client relationships. This title provides guidance not only on how these two transitions can be achieved effectively, from the perspectives of both individual partners and the firm, but also on the plethora of issues involved in preparing for the departure of retiring partners and transitioning in new leadership, including compensation, the role of diversity and inclusion and financial considerations. It also considers situations where more specific and specialised plans may be required, such as managing the succession of a rainmaker or when a sole practitioner sells their practice.
A strong and effective succession plan ensures that clients are retained over the long-term, retiring partners leave optimistic and satisfied, future leaders are in place and prepared for their roles, and the firm continues to grow and flourish. The shift to a more remote work environment has also made the institutionalising of processes such as succession planning even more important. By providing a thorough understanding of its many elements, this title explains how effective succession planning can be implemented and ensure smooth leadership and client transitions, securing and enhancing the current and future success of partners and their firms.