The National Trial Lawyers
  • Home
    • Meet Our Team
    • Contact Us
    • Mission & Goals
    • FAQ
  • Webinars
  • News
  • Membership Directory
    • Top 100 Map – Civil Plaintiff
    • Top 100 Map – Criminal Defense
    • Top 40 Under 40 Map – Civil Plaintiff
    • Top 40 Under 40 Map – Criminal Defense
  • Top 100
    • Civil Plaintiff Officers / Executive Committee
    • Criminal Defense Officers / Executive Committee
    • Benefits
    • About
    • Top 100 President’s Message
    • Diplomat
    • Membership Renewal
    • Member Profile Updates
    • Top 100 Badge
    • Media
  • Top 40
    • Civil Plaintiff Officers / Executive Committee
    • Criminal Defense Officers / Executive Committee
    • Top 40 Under 40 Trial Academy Bootcamp
    • Benefits
    • About
    • Top 40 President’s Message
    • Membership Renewal
    • Member Profile Updates
    • Top 40 Badge
    • Media
  • Specialty Assoc
    • About
    • Shop
    • Officers
    • Membership Renewal
    • Member Profile Updates
    • Media
  • Nominate
    • Top 100
    • Top 40
    • Specialty Association
    • Trial Lawyer Hall of Fame
    • Trial Lawyer of the Year
    • Trial Team of the Year
    • America’s Most Influential Trial Lawyer
    • America’s Most Influential Law Firm
    • Lifetime Achievement Award
  • Shop
  • Magazine
    • A-List
  • Education and Networking Agenda
    • Trial Lawyers Summit
      • Summit Sponsors
    • Top 40 Under 40 Trial Academy Boot Camp
    • Mass Torts Made Perfect
    • The Lanier Master Class 5.0 Trial Academy 2021
    • Webinars
  • Hall of Fame
    • Trial Lawyer Hall of Fame

Report Urges Law Firms to Tackle Succession Issues

Posted on February 13, 2013 by Andrew Findley

Thomson Reuters; February 12, 2013

Law firms’ increased fear of alienating valuable clients since the recession has prevented them from implementing much-needed succession plans in their companies, said Alan R. Olson, a principal in consulting firm Altman Weil.

“I’m still seeing firms planning only effectively at the last minute,” said Olson, author of a new paper on succession.

Without a leadership transition plan in place, law firms may face expertise gaps and the loss of client relationships, he said. Having a long-term plan, ideally one that can be implemented over the course of about five years, helps transition clients to new lawyers and teams and allows time to train lawyers who may lack the expertise or knowledge of a departing partner, Olson said.

The issue is critical for law firms now because 30 percent to 40 percent of actively practicing lawyers in the United States and Canada are beginning to retire, already phasing down or considering phasing down, said Olson.

Instead of tackling the issue head-on, law firms tend to avoid creating a succession plan, said Olson, who has worked on succession issues with law firms for 20 years. In instances where transition plans do exist, they often include overly optimistic assumptions, have strategic gaps or lack realistic contingency plans, he said.

Firms need to begin addressing the succession issue by taking inventory of their own practice areas, he said.

Once the firm has analyzed its demographics and its long-term goals, it must begin the difficult conversations that succession engenders, said Olson. Having a well-designed succession plan with clear objectives can make those discussions more productive.

“Talking with senior lawyers, many of whom might be at their peak in terms of performance and productivity, can certainly be uncomfortable for an individual lawyer, but that’s a barrier that needs to be crossed,” said Olson.

“Doing so in a planning context doesn’t remove all the discomfort, but there’s a better chance to create a win-win-win outcome for clients, the firm and the individual.”

http://newsandinsight.thomsonreuters.com/Legal/News/2013/02_-_February/Report_urges_law_firms_to_tackle_succession_issues/

Posted in Blog

Comments are closed.

Recent Posts

Santa Fe Agrees To a $36M Settlement With the Firms Responsible For Constructing Its Water Project

Santa Fe Agrees To a $36M Settlement With the Firms Responsible For Constructing Its Water Project

April 9th, 2021

The board of the Santa Fe city and county’s joint Buckman Direct Diversion agreed to a $36 million settlement last wee[Read More...]
Health Net Repaid $97.2M To Settle an Investigation Confirming It Over-Billed the U.S. For Veterans Care

Health Net Repaid $97.2M To Settle an Investigation Confirming It Over-Billed the U.S. For Veterans Care

April 7th, 2021

A Rancho Cordova health insurance company has repaid $97.2 million to settle an investigation into inflated claims submitted [Read More...]
Sessions at the 2021 Trial Lawyers Summit

Sessions at the 2021 Trial Lawyers Summit

April 5th, 2021

On May 4 - 7, 2021, The National Trial Lawyers will present the 10th annual Trial Lawyers Summit, hosted at the Loews Mi[Read More...]
The U.S. Settles the 1800s Land Grabs With the Pembina Band of Chippewas for $59M

The U.S. Settles the 1800s Land Grabs With the Pembina Band of Chippewas for $59M

April 5th, 2021

FARGO — A delegation that negotiated a treaty to obtain a large swath of the Red River Valley from the Ojibwe showed u[Read More...]
A Settlement With the Department of Agriculture Will Bring $715M in Food Stamps To Pennsylvania Households

A Settlement With the Department of Agriculture Will Bring $715M in Food Stamps To Pennsylvania Households

April 2nd, 2021

(Pittsburgh) — A legal settlement between the U.S. Department of Agriculture and two Pennsylvania women who are food st[Read More...]

Contact Us | Terms of Use | Privacy Policy

Attorney information and content provided on this website is provided for the benefit of members of The National Trial Lawyers and as a public service by Legal Associations Management, Inc. The website and all data are the property of Legal Associations Management, Inc. Data, including without limitation attorney information and content, on the site may not be mined, sold, or used commercially for any purpose without the explicit written consent of Legal Associations Management, Inc. This site may not be accessed by any automated program for extracting data for any use. By accessing and using the site you agree that you will not develop, support or use software, devices, scripts, robots, or any other means or processes (including crawlers, browser plug-ins and add-ons, or any other technology) to scrape data or otherwise copy profiles and other data. Unauthorized use or attempted unauthorized use of this system may subject you to both civil and criminal penalties.