Succession planning is essential to success

What do we mean by success?

In my mind, whether your law firm can survive the departure of the firm’s leader is a critical element of success. The “leader” may be the primary rainmaker, the managing partner or the sole practitioner who has built significant goodwill over his/her years of practice.

One study shows that “…only about one-half of public and private corporate boards have CEO-succession plans…” Even fewer law firms have succession plans.

Stephen Miles, managing partner of a leadership consulting practice, said “‘Succession planning is often done looking at the rear-view mirror … when it should be done looking out the front windshield.’” (WSJ, page B1, November 26, 2007)

When writing Disaster Preparedness & Recovery Planning for Law Firms, the executive directors in our group realized that our focus was on business continuity, not just recovery. And continuity requires succession planning … In one event, the succession will come naturally by aging; and in another event, the succession will come suddenly, without warning! Will you be prepared in either event to continue your law firm into the next generation of leadership?

Categorized in: Management