By Ioana Good
Published in Law.com and The Mid-Market Report
A large part of the U.S. population is reaching retirement age. As they do and a huge wave of baby boomers march into retirement, law firms are shifting resources and focusing on business continuity plans, including recruitment, retention, crisis response, and succession planning.
In an article published on April 5, 2021, Ioana Good talks with Peter Johnson with Law Practice Consultants, who says that only 10% of the law firms his company works with have a solid plan in place. “There is a psychological component that leaders are facing. It’s difficult to think about our mortality, and it’s tough to tell someone look, you lost your fastball after many years of leading a successful career,” says Johnson.
A successful transition is not only about the person who is leaving the workforce but also about the transition of the client. “That is a stumbling block for a lot of law firms. There’s a link between the client and the responsible attorney, and it’s important the attorney effectively transitions the client to the next generation so the clients stay on. After all, it’s all about relationships because there are a million attorneys who can do the job,” says Johnson
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