Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
Law firms, just like any other business, must make preparations to deal with the loss of key employees and the hiring of new ones. Peter Scott, principal of Peter Scott Consulting and former managing partner of Eversheds’ London and European offices, explains to Diana Bentley how practices should address succession planning and why it is important to ensure a firm’s longevity.
Succession planning should be regarded as one of the most important issues for law firms. It involves the future wellbeing of a firm, including issues over a firm's future leadership, the prevention of loss of talent and client relationships, and the reconciling of the interests of older partners, younger partners, key staff, managing partners and clients. The key word is ‘planning’ because forward-planning is vital if effective succession planning strategies are to be put in place.
For sole practitioners the succession problems are even more acute, such as:
Many firms, and in particular some older partners, just put their heads in the sand and hope the problem will go away. Reasons given for this are myriad and some of the most frequently heard rea
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
0330 161 1234