Aligning Our Stars: Effective Succession Planning
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Who should watch:
- Attorneys wishing to wind down their practice
- Partners and stakeholders in law firms
How you’ll benefit:
- Discover the importance and key benefits of having a succession plan for lawyers in your firm
- Find ways that the firm and lawyer can work together for a positive transition
- Learn the steps to building a successful succession plan
Find your way
It’s inevitable. If it hasn’t happened already, someone at your firm – maybe even you – is probably thinking about retiring. Whether preparing to practice part time while wintering in Arizona, going into planned retirement, or leaving practice due to illness or death, your firm needs a plan for negotiating these types of departures and ensuring clients are properly represented.
Aligning Our Stars: Effective Succession Planning shows you the importance of careful succession planning and guides you through the necessary steps to create a plan that ensures a positive transition for all involved.
A succession plan that shines
Although large firms tend to have mandatory transition plans in place, many lawyers and law firms do not. A succession plan is essential for avoiding negative consequences, retaining clients, and structuring a smooth transition.
Starting the planning discussion requires cooperation between the attorney and the law firm. Receive guidance on incorporating the needs of all parties in the transition plan.
In addition, understand the key steps for developing a satisfactory succession, including:
Assessment: What questions should you be asking as you embark on the process?
Planning: How do you make a plan addressing the issues you’ve identified in your assessment?
Negotiation: Departing attorneys tend to overvalue their share of a practice, while retaining firms tend to undervalue it. How do you arrive at the right figure?
Implementation: What’s needed to put your plan in place?
Shed light on succession
Transitioning away from practice into whatever the future holds doesn’t have to be scary or unpleasant. Find helpful advice and clear guidance for creating a succession plan that’s good for both the attorney and the firm at Aligning Our Stars: Effective Succession Planning. Watch today!
About the presenter
Michael Moore, J.D., Lewis and Clark 1983, is the founder of Moore’s Law LLC and helps both lawyers and law firms create professional success. Michael specializes in marketing, client development, and leadership coaching. He also advises law firms on strategic planning and resource optimization.
Michael has taught State Bar CLE programs on alternative billing strategies, revenue and profit enhancement, and time management techniques for lawyers. His articles in Wisconsin Lawyer™ magazine have addressed generational conflicts in law firms, strategic and succession planning, and effective law firm compensation programs. For more information, visit www.moores-law.com.