The following Practice Management guidance note provides comprehensive and up to date legal information covering:
The successful replacement of a leader is a key challenge for any business, large or small. If mishandled it can significantly damage your business.
Succession planning involves recruiting and developing talented individuals to take on the main leadership roles in your firm. The process will usually take years and will see people trained, developed and then promoted to ever more demanding roles. People are invigorated by the opportunities presented and your pool of talent increases.
Good succession planning means you have a leader or leaders ready to take you forward whether you:
suddenly lose a key member of the leadership team
need a change of momentum or style
want to focus on new markets
are seeking to expand
face retirement challenges
have a merger to complete
Succession planning is critical for all firms, especially firms that are dependent on one leader or a small number of leaders.
If you have a range of talent at the ready or are planning far enough ahead, you can ensure the business is in safe hands.
The partnership model has been the mainstay of most law firms for decades or even centuries but it has a tendency to create problems when it comes to succession.
Partnerships tend to have very strong cultures, developed over
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