Ally Law member firm Phillips Nizer LLP published the article “Law Firm Succession Planning” in the New York Law Journal’s April 24, 2017 Partnership Special Report.* Succession planning requires that businesses and law firms confront the challenging issues of aging, changing professional identities, and an uncertain future. With the continuing retirement of “baby boomers” the legal profession is undergoing an unprecedented generational transition. Law firms that wish to continue to succeed cannot avoid the topic.
Starting at the top, many firms identify with or are highly dependent upon an effective firm leader, who often sets the tone for the firm’s culture, articulates the firm’s vision, and is the person most intimately acquainted with the firm’s practices and finances. Several years before a managing partner plans to retire from the post, she and the firm’s executive committee must begin to identify the persons best suited to succeed her based on a thoughtful consideration of the qualities necessary to lead your particular firm. Once such persons are identified, they should be groomed. When a new managing partner is selected, the outgoing managing partner should continue to play a key role, prior to and after the new managing partner takes the reins.
Phillips Nizer provides useful guidance for implementing a program to identify and groom a future firm leader. In addition, the managing partner is not the only leadership post where succession planning is necessary: practice area leaders provide the focus and direction for their departments and there are unique considerations for planning their transitions. Finally, ensuring that as many clients as possible remain with a firm after a client relationship partner retires may be the most challenging transition issue. Click here for more information in the original article published in the New York Law Journal by Marc A. Landis and Mark M. Elliott of Ally Law member Phillips Nizer, LLP.
This year Phillips Nizer hosts the Annual General Meeting of Ally Law in New York City, May 24-26, providing an opportunity for Ally Law members from over 60 law firms worldwide to meet and discuss current legal issues and best practices. For more information about Ally Law member firm services and outstanding lawyers, contact us at firstname.lastname@example.org.
*Published annually, the New York Law Journal’s Partnership Special Report features points of view on a variety of subjects related to law firm management.