Succession planning is a vital aspect of a law firm's life. When well done, succession planning enables older lawyers to transition their relations and management responsibilities to younger lawyers, thus maintaining client relationships and creating stability to the firm.

In its simplest sense, succession planning for a law firm is defined as a planned effort to ensure effective performance of a law firm by making a provision for the development and replacement of key partners over time. See Partner's Report, Succession Planning at 1.

The demographics make succession planning imperative. United States and Canadian demographics indicate that 30% to 40% of actively practicing lawyers are at the age when they are seeking to phase down their careers, and an Altman & Weil Law Firm Transition Survey has determined that partners 60 years or older control 63% of the firm's revenue. Alan Olson, Five Fundamentals for Successful Succession Planning at 1.