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Law Firm Management Succession Planning

Lack of a Succession Plan Can Lead to the Death of a Law Firm

Firms with aging managing partners should develop a succession plan for transferring clients and management responsibilities (over a five-to-ten-year transition period) to the firm’s younger attorneys.

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September first is the unofficial end of summer, the beginning of a new school year in many parts of the United States, and for me, it marked the death of an old friend and client. My client was only 45 years old, in good financial health (2022 was its best year ever) and had a strong partnership, with several future leaders developing among junior partners.

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