Lack of a Succession Plan Can Lead to the Death of a Law Firm
Firms with aging managing partners should develop a succession plan for transferring clients and management responsibilities (over a five-to-ten-year transition period) to the firm's younger attorneys.
October 27, 2023 at 09:06 AM
5 minute read
Succession Planning
September first was the unofficial end of summer, the beginning of a new school year in many parts of the United States, and for me, it marked the death of an old friend and client. My client was only 45 years old, in good financial health (2022 was its best year ever) and had a strong partnership, with several future leaders developing among junior partners.
The client had no debt, a favorable rent in a convenient midtown Manhattan building, and a strong reputation in its two main practice areas of real estate and litigation. I had worked with the firm for more than 10 years on a number of engagements.
Projects included recruiting lateral partners, assisting in evaluating two different merger proposals, and developing a partner compensation program. I believe that each of those projects provided the firm with valuable insights, plans, and advice that the firm benefited from.
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