Succession Planning
Ensuring Smooth Transitions for Lawyers and Their Firms
Samenvatting
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 when a sole practitioner sells their practice.
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.
Specificaties
Inhoudsopgave
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
Mensen die dit boek kochten, kochten ook...
Net verschenen
Rubrieken
- Aanbestedingsrecht
- Aansprakelijkheids- en verzekeringsrecht
- Accountancy
- Algemeen juridisch
- Arbeidsrecht
- Bank- en effectenrecht
- Bestuursrecht
- Bouwrecht
- Burgerlijk recht en procesrecht
- Europees-internationaal recht
- Fiscaal recht
- Gezondheidsrecht
- Insolventierecht
- Intellectuele eigendom en ict-recht
- Management
- Mens en maatschappij
- Milieu- en omgevingsrecht
- Notarieel recht
- Ondernemingsrecht
- Pensioenrecht
- Personen- en familierecht
- Sociale zekerheidsrecht
- Staatsrecht
- Strafrecht en criminologie
- Vastgoed- en huurrecht
- Vreemdelingenrecht