In many smaller and midsize law firms, more than half of the owners are in their 60s and 70s. They typically generate most of the firm’s business. They handle leadership and management responsibilities. And they possess decades of wisdom, knowledge and skills. Yet, most smaller and midsize firms have no formal succession plans in place. And 70% of first generation law firms do not survive their founding partners.
Ida’s four-page article eloquently addresses some of the challenging issues with succession planning and the retirement of senior partners. We encourage you to read it if you’re dealing with succession and transition issues at your firm.