Prospective Partners Ask Small and Midsized Firms Tough Questions About Succession

Today, at most big firms, these assumptions are likely correct. But at small and midsized law firms, this is not always the case. Senior associates, non-equity partners and lateral candidates are well aware of the spectacular implosions of storied firms, and the disasters that followed for their capital partners (including, even at large firms, clawbacks by bankruptcy trustees from partners who had resigned years before). Many want to know whether the firm is well-positioned financially to grow and prosper when the current generation of senior partners retires. To get the information they need to value an investment in the firm, they turn to its finance professional (such as its CFO, Controller, or other financial manager).