Executive summary . vii
About the authors . xi
Chapter 1: Creating and implementing a law firm succession plan . 1
By Sandra J Boyer, president, Legus International
What is a succession plan? . 1
The importance of a succession plan . 1
Elements of firm management transition . 2
Elements of transitioning firm clients . 6
Impediments . 7
Additional considerations . 8
Conclusion . 10
Chapter 2: Succession planning considerations for the senior lawyer . 11
By Hermann Knott, partner, KUNZ Lawyers
Introduction . 11
Types of succession . 12
The importance of timing . 12
Impact of the size of the firm . 14
Preparing the next leaders . 15
Conclusion and outlook . 15
Chapter 3: Holding on to clients when senior partners retire . 17
By Susan Saltonstall Duncan, president, RainMaking Oasis
Introduction . 17
Establish a uniform policy for retirement and succession . 18
Identify clients potentially at risk and assess relationship breadth and depth . 18
Gain better knowledge of clients . 19
Talk to each client to gauge client satisfaction, loyalty, and any concerns . 20
Carefully select client relationship successors . 20
Put a client development and transition plan and process in place . 22
Monitor progress to make sure the transition plan is working effectively . 24
Client transition checklist . 24
Chapter 4: Succession of rainmakers . 27
By Jaap Bosman, founder, TGO Consulting
Law firm royalty . 27
Real rainmakers and fake rainmakers . 28
Hostages and Stockholm Syndrome . 29
Santa’s little helpers . 31
Retirement reluctance . 32
Mitigations . 33
Rainmaker succession, hands-on . 34
Chapter 5: How to compensate retiring and retired equity partners . 37
By August J Aquila, CEO, AQUILA Global Advisors, LLC
Getting started . 37
Key partnership agreement issues . 38
Retiring partners . 38
Creating options for retired partners . 42
The successor partner . 45
Make it happen 45
Chapter 6: Diversity considerations in succession planning: future-proofing law firms through diversity . 47
By Pam Loch, managing director, Loch Associates Group
Introduction . 47
Issues facing businesses around lack of diversity . 48
How can businesses address these issues? . 49
Benefits to business and future-proofing in an increasingly diversity-led culture . 52
Conclusion . 53
Chapter 7: Financial aspects of succession planning: protection and retirement considerations . 55
By Veronica Mann, chartered financial planner, Talis Financial Advisers
Introduction . 55
Communication and contracts . 56
Financial planning for retirement . 56
Death and incapacity of key players . 59
Future liabilities . 61
To summarize . 61
Chapter 8: Succession planning for sole practitioners . 63
By Shelley Dunstone, principal, Legal Circles
Thinking of retiring? . 63
Will someone want to buy your practice? . 63
Options for selling your practice . 64
What assets can you sell? . 64
What is goodwill, and what is it worth? . 65
Options available to a seller . 67
How to maximize your prospects of selling your practice . 69
Conclusion . 70
Chapter 9: Why lawyers and law firms find it difficult to deal with retirement and succession: overcoming the obstacles . 71
By Ronnie Fox, partner, Fox & Partners
Five reasons . 72
Five ideas . 73
Five solutions . 75
About Globe Law and Business . 79
