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1 Law Prac. Q. 18 (1999-2000)
Succession Planning

handle is hein.journals/lwprcqu1 and id is 118 raw text is: I ~ LE D R HP& M N G M N Succession Planning How Law Firms Prepare for the Future Today - L./LI L L I.'J I V I IW JMl IV1. V'[t~It I II Business Succession Planning and Beyond While there are many issues facing law firms today regarding successful succes- sion planning, this review is limited to issues firms most often meet as a new generation of lawyers becomes responsible for the success of their firms. Based on our work with small to mid- size law firms across the country, there are several strategies to be considered and implemented to help firms face the future with useful knowledge and confidence. Many law firms today are looking at the future with trepidation and uncertainty. In many small to mid-size law firms, the founders and/or senior attorneys of the firm are planning for retirement, while the rest of the lawyers in the firm are oper- ating without the knowledge and insight of the senior attorneys. Without careful planning, these firms may also be facing their future without the clients whom the senior attorneys have serviced for many years. Firms that have successfully im- plemented transition plans began the planning process early and managed it effectively. It is es- sential for lawyers who are responsible for firm management to begin to develop and implement their plan several years in advance of senior lawyer retirements. They must also prepare strategically to ensure that the future of the firm is controlled by those in charge rather than those in charge being controlled by circumstances. There are two essential elements of a success- ful succession transition within a law firm. The first is to move clients from one generation to the next. The second is the transition of firm manage- ment to a new generation. One element is not necessarily more important than the other; how- ever what is important to remember is that both elements must take place in order for law firms to continue successfully. by Sandra J. Boyer Firms that develop and implement a succes- sion plan are far more effective in converting both the management of the firm as well as the clients of the firm. In developing the succession plan, firms should review their current professional staff, request senior attorneys to share their retire- ment plans with the firm, determine the effect of the retirements on the firm as a whole, develop a time line for retirement of senior attorneys and outline a plan of action to ensure that manage- ment transition is effective. Depending on the structure of the firm, there are different ways for firms to shift their manage- ment responsibilities. Assuming the senior attor- neys are actually responsible for the management of the firm, it is essential that senior attorneys in- volve younger attorneys in management early in their careers with the firm. Firms should begin training young lawyers in management after they have been with the firm between two to three years. There are several different ways to inte- grate young attorneys into the management activ- ities of the firm: 0 Share the firm budget with all lawyers dur- ing a firm financial meeting. Partner compensa- tion or other personal information would not or- dinarily be included in the information provided to associates. • After attorneys have been with the firm for two to three years, involve them in special com- mittees within the firm. Assigning specific tasks to each attorney within these committees will test their ability to organize and handle tasks. If the committee has a budget, include the young attor- neys in the budgeting process. 10 Involve young lawyers in the recruitment of associates to the firm. They should not only be in- cluded in the actual recruitment process, but also in the discussion evaluating whether the firm needs additional lawyers. This involves them in a significant management role, and is an effective method of attracting young lawyers to the firm. 11 Designate young lawyers as the manager of the paralegals within the firm. They can be re- sponsible for organizing and coordinating the work, developing systems and assisting in the evaluation of paralegals. They can serve as the go to person for questions from paralegals. 0 Involve young lawyers in the development and implementation of the firm's orientation and training/mentoring program. Young lawyers Law Practice Quarterly 18 JUNE 2000

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