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Incoming Law Firm Leaders Are Not Prepared for Industry’s Transformative Period

By Marcie Borgal Shunk
March 31, 2025

“I think we’re wholly unprepared, or we’re unprepared to lead. And I think we’re unprepared to be led.” — Former leader and partner at an Am Law 100 firm
Incoming law firm leaders are not prepared — and the stakes have never been higher. As we enter one of the most transformative periods in the legal industry, marked by an uptick in the influence and power of talent, expanding adoption of artificial intelligence (AI), major political upheaval and the much-anticipated official entrance of a Big 4 accounting firm into the legal space, the importance and impact of strategic decision-making in the upper echelon of firms has never been greater. Beyond decisions related to competitive positioning and growth, leaders are being called on to make calls that may influence the very fabric of the legal realm for decades to come. There is a cost to this pressure — and few leaders are truly prepared.
Even though hundreds (or possibly thousands) of lawyers will step into leadership roles for the first time in 2025, law firms and leaders alike acknowledge they are unprepared for the transition. Professional development leaders rate their firms just 4.2 out of 10 in preparing for leadership transitions, according to “The Expanding Role of Professional Development in Law Firms” (Tilt, ALM Intelligence). Law firms are falling short in equipping new leaders with the essential tools, and resources necessary for success.
The result? An incoming cohort of leaders lacking the essential skills to effectively lead multimillion- and billion-dollar organizations through what promises to be one of the most transformative periods in recent history for the legal industry.

The Cost of Lawyer Leadership: What’s at Stake?

And make no mistake, the stakes are high. Industry experts estimate Big Law is losing over $10 billion per year in attrition and turnover. Seventy-six percent of lawyers say work environment contributes to mental health issues (ALM Intelligence) and productivity metrics — the good old billable hour — have dipped significantly over the past seven years. Compounding these financial and well-being concerns are mounting pressures on lawyers and professionals including such uncontrollable forces as generational change. Against this backdrop, law firms have an opportunity to distinguish themselves by investing — now — in succession planning. The firms that recognize leadership as a cultivated skill rather than an innate trait will be the ones that thrive.

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