Perhaps the biggest challenge currently facing law firms is the transition of client matters from the baby boomer generation to younger partners, Pennsylvania law firm leaders said.
Heads of area law firms seized on that issue out of many from the results of Altman Weil’s Law Firms in Transition Survey, which showed that in 63 percent of law firms, partners 60 years old or older control at least 25 percent of the total firm revenue. But only 31 percent of law firms have a formal succession plan in place, according to the survey, which was released Monday.
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