Succession Planning
“We are made wise not by the recollection of our past but by the responsibility for our future.”
– George Bernard Shaw
Ensure your firm’s future vitality
It’s probably fair to say that few issues in Law Land are as fraught as succession planning—whether for client relationships or firm leadership. In fact, until few years ago, the phrase “succession planning” was barely uttered above a whisper.
Since the recession of 2008-2009, there has been a clear trend among more successful firms (as defined by financial performance) to focus more intentionally on succession planning. This is part of the larger trend our research shows among these more successful firms; they are run in a more business-like manner which has broad implications for firms including intentionally and systematically transitioning client relationships and management responsibilities.
A successful transition of your firm’s leadership and key client relationships into new hands is essential to ensure the firm’s sustainability and future vitality. We can help you address the complexities of these transitions and make them as smooth as possible.
Many firms chronically postpone planning for these inevitable events, leaving themselves to scramble in the event of a crisis. With thoughtful and sensitive advance planning, pursued with a “firm-first” attitude, we can help you avoid these alarming and destabilizing crises.
If you’re just starting to address these issues, we can work from a clean sheet of paper to devise a comprehensive plan, ideally suited to your firm and the desires, needs, and capabilities of your partners.
If you have client or leadership transition plans in place, we can assess them objectively and give you a report card on their timeliness and scope and suggest adjustments. We can also assess whether the plans are being successfully implemented or followed by key participants.
And, if you’re already facing a crisis arising from events such as health emergencies, abrupt lateral departures or surprise developments at your client or your firm, we can provide steadying interim counsel while helping you map an effective and convincing path forward.
