Requisites For Law Firm Succession Planning

A workable succession plan requires an ability to formulate and carry out long term planning as well as effective teamwork.  In order for a law firm to have those attributes, it must have (i) stability, (ii) a culture that the entire firm community takes pride in, and (iii) common, core values. A firm history that produces "stories that are told around the camp fire" enhances that atmosphere. On the other hand, "free agent" rainmakers who jump from firm to firm and "eat what you kill" or "what have you done for us lately" compensation systems militate against those attributes and the creation of such a community.

Richard T. McDermott