Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

Law Firm Partnership & Benefits ReportKickerFeaturesSectionsNewsLJN Newsletters

Succession Planning Is Essential for Law Firm Survival

By Robert W. Denney
June 29, 2006

A major challenge law firms face today is the continued aging of their partnerships. One of the principal reasons for this is that 'baby boomers' are approaching retirement. While this is a problem for all businesses and professions in the United States, it is particularly serious for law firms because it poses a threat to their future survival. While many senior partners are both physically and mentally able to continue practicing, firms are beginning to recognize that succession planning, for both client and management responsibilities, has become essential if the firms are to continue in existence.

The first succession issue to address is client responsibility. This is a delicate situation for a few reasons:

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
New York's Latest Cybersecurity Commitment Image

On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.

Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office Image

A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.

Bit Parts Image

Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights

The Bankruptcy Hotline Image

Recent cases of importance to your practice.

How AI Has Affected PR Image

When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.