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Initiating Client Succession in Your Law Firm
I received an e-mail this week from a law firm administrator that sounded a familiar theme:
Dear Mr. Seeger,
Our firm is reaching a transition point, with key equity partners nearing retirement. Due to the success of the firm and the longevity of the partners' relationships, much of the strategic and succession planning has been pretty much avoided. We do have a partnership agreement which sets out the retirement provisions.
We have been approached by a firm about a merger, which has brought on quite a bit of discussion on where we are going to be when the first two equity partners retire in three to five years.
We need help with these key issues.
Succession and Transition Planning
At Altman Weil, we have been helping law firms work through succession and transition planning for four decades. Lately, however, more and more firms are coming to us requesting help and advice on how to handle urgent succession issues. Macro trends have placed an increasing number of firms in a position where these issues are now staring them in the face. In some cases, merger strategies, strategic planning, even recruiting plans need to be put on hold until critical succession and transition decisions can be sorted out.
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