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Succession Planning: Ensuring Smooth Transitions for Lawyers and Their Firms

Succession Planning: Ensuring Smooth Transitions for Lawyers and Their Firms

Author: Sandra J Boyer
Publisher: Globe Law and Business
ISBN: 9781787428393
Published In: February 2022
Format: Paperback , 79 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

List Price: HKD 1,235.00

HKD 1,197.95 Save HKD 37.05 (3%)

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It has never been more important for law firms to plan for the future. A highly competitive market, an aging profession, the changing ambitions of younger generations, many of whom place greater importance on work-life balance than reaching top leadership levels, and a long-held reluctance to discuss retirement and succession, all combine to create what some are calling a succession crisis. It is time to face the issue head-on and start putting systems in place to ensure the long-term success and health of lawyers and their firms: succession planning is the answer to this.

A successful succession encompasses two core elements: transitioning firm management to a new generation, and transferring client relationships. This title provides guidance not only on how these two transitions can be achieved effectively, from the perspectives of both individual partners and the firm, but also on the plethora of issues involved in preparing for the departure of retiring partners and transitioning in new leadership, including compensation, the role of diversity and inclusion and financial considerations. It also considers situations where more specific and specialised plans may be required, such as managing the succession of a rainmaker or a founding partner.

A strong and effective succession plan ensures that clients are retained over the long-term, retiring partners leave optimistic and satisfied, future leaders are in place and prepared for their roles, and the firm continues to grow and flourish. The shift to a more remote work environment has also made the institutionalising of processes such as succession planning even more important. By providing a thorough understanding of its many elements, this title explains how effective succession planning can be implemented and ensure smooth leadership and client transitions, securing and enhancing the current and future success of partners and their firms.

Executive summary

Chapter 1: Creating and implementing a law firm succession plan

By Sandra Boyer, Legus International

Chapter 2: When and how to have retirement and succession

planning conversations

By Kathleen Brady, Preferred Transition Resources

Chapter 3: Identifying and developing successors

By Hermann Knott, KUNZ Law

Chapter 4: How to retain clients when senior partners retire

By Susan Saltonstall Duncan, Rainmaking Oasis

Chapter 5: Rainmaker succession

By Jaap Bosman, TGO Consulting

Chapter 6: The role of compensation in succession planning

By August J Aquila, Aquila Global Advisors LLC

Chapter 7: Diversity considerations in succession planning:

future-proofing law firms through diversity

By Pam Loch, Loch Associates

Chapter 8: Financial considerations in succession planning

By Veronica Mann, Talis Financial Advisers

Chapter 9: Succession in founder-led firms

By Robert Millard, Cambridge Strategy Group

David Shufflebotham, PEPUp.consulting; and

Zulon Begum, CM Murray

Chapter 10: Sole practitioners selling their practice

By Shelley Dunstone, Legal Circles

Chapter 11: Why lawyers and law firms find it difficult to deal with retirement and succession; ways of approaching the problems

By Ronnie Fox, Fox & Partners

Sandra J Boyer - Legus International , Kathleen Brady - Preferred Transition Resources , Hermann Knott - KUNZ Law , Susan Saltonstall Duncan - Rainmaking Oasis , Jaap Bosman - TGO Consulting , August J Aquila - Aquila Global Advisors LLC , Pam Loch - Loch Associates , Veronica Mann - Talis Financial Advisers , Robert Millard - Cambridge Strategy Group , David Shufflebotham - PEPUp.consulting , Zulon Begum - CM Murray , Shelley Dunstone - Legal Circles , Ronnie Fox - Fox & Partners