Build Your Firm’s Succession Plan With the Help of Law Practice Magazine

Significant numbers of law firm partners are nearing retirement age. Many firms are facing the daunting question of how to smoothly transition their clients and practices to the next generation – and most firms have taken few if any steps to tackle the thorny issues this transition can raise.

Look to the May/June 2011 issue of Law Practice Magazine if you need help with building a succession plan for your firm. It has several articles that will help you with transitioning clients, practices and leadership.

Marcia Pennington Shannon’s A Short Course in Succession Planning article gives you a snapshot of fundamental steps and issues to consider in charting out a practice’s transition process.

Steven T. Taylor wrote profiles of three firms that tackled various succession planning issues:

If you are a firm leader the Five Questions to Ask About Your Firm Succession Readiness article by Tom Grella will give you a roadmap to lead your firm through the execution of a succession plan.

There is a great article on the Financial Aspects of Succession Planning by Stephen Mabey and Karen MacKay.

Lastly for anyone considering closing a solo practice, there is the Solo Lawyers Exit To-Do List article by Sheila Blackford and Peter Roberts, along with an actual checklist you can adapt and use.

Don’t underestimate the time and effort that it will take to properly plan and execute a succession plan at your firm. It is never to early to start. It can take 3-5 years or more. The articles in this issue of Law Practice will start you on this process.

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