As the baby boomer generation begins to retire in the United States, many law firms are finding themselves unprepared for the departure of the senior members of their legal teams.
- A recent study from Thomson Reuters showed that only one out of four law firms had planned for their succession planning needs.
- Proper succession planning allows your firm to meet the needs of your top clients smoothly and professionally as your legal talent shifts.
- Evaluating your succession planning needs begins by seeing where your company is going, determining what legal skills will be needed over the next five years, and based on an evaluation of likely departures from the firm assessing how the skill set of your team will meet that vision.
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- Instead of focusing on how your firm is structured, see if there are any legal trends that your firm will need to plan for in the next few years. Create a thorough list of categories of the skills you will need to handle those issues. Work with your HR department to honestly evaluate the likelihood of individuals that might leave the firm particularly any baby boomers nearing retirement. Be careful not to let your efforts be misconstrued as a violation of age discrimination laws. Identify high-value individuals with high demand skills that could be recruited by other firms and take steps to develop and retain them. For others who may not have the skills that are in demand, plans need to be made to replace them when the time comes with individuals who can meet the future needs of the firm.
- Here’s Why It Matters to You. Preparing for the departure of highly skilled senior members of your team allows you to retain your top clients, maintain your revenue and prepare for the future needs of your firm.
- I have helped many small firms in the area successfully and smoothly make the transition as senior members of their legal team retire. To learn more set up a free consultation by clicking below.
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