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Successful Succession Planning For Law Firms

By Alan R. Olson and Debra L. Rhodunda

Succession planning is one of those management issues that rarely gets much attention until a senior partner or rainmaker announces plans to leave or retire ' and then the firm goes into crisis mode.

A smart law firm will plan for a broad spectrum of issues associated with the departure from practice by senior-level partners before that crisis occurs. These issues may include: client service and client relationships, practice skills and expertise, firm governance and leadership roles, functional management roles, and experience. Many of these issues are long-term in nature. It can take years or decades to build new client relationships, replace outgoing expertise and develop new people for key governance roles.

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