Alan Olson, a principal at consultancy form Altman Weil, said that he had only seen firms plan effectively ‘at the last minute’, reports Thomson Reuters.
Transition plan
Law firms face a range of problems without a solid leadership transition plan, including expertise gaps and loss of client relationships.
Mr Olson suggested that having a long term plan allows younger lawyers to identify the areas in which they may lack experience and gives them time to build their knowledge before a senior partner leaves.
However, it is common for law firms to avoid succession plans, or make unrealistic strategies with overly optimistic assumptions, gaps in tactics and no contingency plans, Mr Olson said.
Win-win-win
‘Talking with senior lawyers, many of whom might be at their peak in terms of performance and productivity, can certainly be uncomfortable for an individual lawyer, but that's a barrier that needs to be crossed,’ said Mr Olson.
‘Doing so in a planning context doesn't remove all the discomfort, but there's a better chance to create a win-win-win outcome for clients, the firm and the individual.
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