In our first article, we discussed the challenges law firms face in confronting succession issues. In this article, we offer a succession planning outline for firms that are ready to take on the challenge.
A lack of succession planning is a leadership and cultural issue – one that may, at some point, have a significant impact on the stability of the firm. So why do law firms procrastinate taking the issue on, and why does it seem like such a herculean task?
“Succession planning”. It’s a term we hear regularly in law firms. And yet, when I speak to partners, it seems to be an area that is often ignored in practice. It may not be a sexy topic. And it’s not easy. But it is crucial. It goes to the root of client service and client retention.