Much has been said about business succession planning in law, accounting and other professional service firms in the past few years because of the lag in Boomer retirement due to the Great Recession. If ever there were a time of enormous opportunity for the next generation to absorb the plum leadership and client management roles, it is now.
What has not been covered extensively are the critical skills that make new leaders effective: a quartet of leadership skills, and the replacement of significant revenues when rainmakers retire. If you believe you have these issues covered, let’s look at the actual numbers:
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