Law.com Subscribers SAVE 30%

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

Accounting and Financial Planning for Law FirmsLJN NewslettersNewsSections

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.

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
Bankruptcy Sales: Finding a Diamond In the Rough Image

There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.

Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs Image

A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.

Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It Image

Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?

Blockchain Domains: New Developments for Brand Owners Image

Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.

Coverage Issues Stemming from Dry Cleaner Contamination Suits Image

In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.