Yesterday’s blog discussed the need for a backup attorney and also hinted at the need for a succession plan. This is especially important for small law firms. No matter where an attorney or attorneys are in their career(s) having a succession plan is important to the overall health of the entire organization. Without a plan if there is a sudden health or family issue that prevents the attorney(s) from practicing law, your firm will be like a rudderless ship heading towards the rocks.
An article by Andrew E Jillson discusses some key points needed with any successful law firm succession plan:
1. Understand and Address the Founders’ Financial Expectations
2. Understand and Address the Successors’ Financial Expectations
3. Understand the Firm’s Financial Capacity to Assist and Regulate its Commitment
4. Understand that Succession Economics is a Zero-Sum Game
5. Align the Economics with a Realistic Time Horizon
Just thinking about a success plain is not enough. The plan should be memorialized and vetted with your staff and the successor(s), so if the unexpected occurs the firm is prepared to weather the storm.
If you wish to read the entire article click: Law Firm Succession: Addressing the Most Important Issue