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Succession Recession

By Stephen M. (Pete) Peterson

“The future has already happened.” Management guru Peter F. Drucker spoke these words during a conversation at The Masters Forum on Jan. 27, 1998. Drucker also penned the article, “The Future That Has Already Happened” in the September-October 1997 edition of the Harvard Business Review. Drucker prepares for the future by identifying major events that have already happened which will have predictable effects on the future. Drucker predicted that the dominant factor for business in the future would be demographics, and his observations were more than 14 years ago.

Indeed, the future has already happened. A demographic crisis has been looming in law firms, and the problem has been exacerbated by traditional short-term thinking in both good times and bad. The current economic recession has created a succession recession, as many firms have tabled thoughts of succession planning primarily due to the fact that the Baby Boomer generation is contributing the most to law firm revenues. However, the failure to consider and then plan for the ramifications of an older and soon retiring workforce will have dire consequences as firms lose important client contacts, critical knowledge and expertise along with these partners.

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