NEW REPORT ON SUCCESSION AND TRANSITIONING PLANNING

I want to alert those of you concerned with these vital issues that Managing Partner Magazine's new report Transition and Succession Planning for Law Firms is now available. I provided much of the background for Part I and an article and two sidebars for Part II – the case study section.

Below is a brief overview. A full executive summary and table of contents can be found here.

Firms are facing a leadership dilemma - Quite simply, the large ‘baby-boomer’ generation is nearing retirement, and many will soon leave their firms. With this demographic phenomenon looming on the horizon, firms are faced with a situation in which much of the next generation is either unwilling or not suitably trained to take over the demanding responsibilities of leading their businesses.

If your firm fails to implement succession strategies now you may well find yourself with a leadership gap in just a few years. And what will start as an internal problem can soon escalate to a business disruption and disadvantage as your firm loses vital knowledge and the means to continue to effectively serve your clients. Rather you want the means to impress your clients with the kind of long-term thinking that protects business interests.

The report considers numerous issues including:
- The impact of generations X and Y on the practice of law in the 21st century. What does senior management need to know to ensure a smooth transition to the next generation?
- The retirement of the baby-boomer generation. What ongoing risks does this pose to a law firm’s business stability?
- The current preparedness of the younger generation to take the reins of their businesses. Do they even want to follow in the retirees’ footsteps?
- To what extent has the recession turned an ongoing succession challenge into a potential crisis, as numbers of lawyers, support staff and resources have been cut?
- What are the potential professional development and human resources solutions?
- What role can technology – and particularly Web 2.0 tools – play in addressing the succession challenge?
- And whose responsibility is succession planning anyway?

This important new report includes highly practical case studies from firms in the U.S and UK who have successfully implemented succession planning, including Weightmans LLP; Mills & Reeve LLP; Eversheds; Optim Legal; Macpherson & Kelley Lawyers; and Borden Ladner Gervais.

For more information, contact  melam@ark-group.com.

Phyllis Weiss Haserot     www.pdcounsel.com