How Do We Define “Succession"?
How Do We Define “Succession,” or Exactly What Are We Planning For?
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In a perfect world, succession planning would inherently be viewed as a true subset of a law firm’s overall strategic plan. This means the firm’s owners would always be concerned not only with its markets, competition and substantive talent, but also with planning for its long-term sustainability. But given the type of organization that a law firm is, and the usual means by which the members are compensated, an emphasis on shorter-term success and profits tends to take the focus off of succession issues. In effect, succession becomes an afterthought, just something that needs to be minimally dealt with to get by in a crisis.
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Tags: Inheritance And Succession