Despite the benefits of a well-structured succession plan—continuity in the function, a successor with thorough knowledge of the business, a hedge against the risk of an incumbent’s sudden departure—relatively few general counsel are good at it. Many see it as remote from their professional interests or (consciously or unconsciously) don’t wish to confront the idea of one day being replaced. And even a well-designed process can falter: The designated successor may be underprepared or, in the worst case, rejected by the CEO and the C-suite, forcing the company to scramble for another candidate.
Succession planning is an ongoing process—not something you do once or every few years. Here are nine simple steps that GCs can take to avoid the hazards, identify potential and create a superior succession planning process.
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