The topic of transition planning is not the most comfortable of topics to talk about around law firms. However, planning for attorney retirement is critical to a law firm's future success. This is especially true since a significant number of equity partners are set to retire in law firms everywhere over the next decade.
So why is transition planning SO challenging for law firms?
The list of challenges to transition planning is long. This eBook highlights 12 of the most significant ones we have found in working with law firms including:
1. Senior partners who need money
2. Lack of any post-retirement plan
3. Clients do not like change
4. Lack of developed attorneys to assume client work
5. Differing priorities and timelines of the remaining partners
6. Lack of firm profitability
7. Retirements can cripple or even end a firm
8. Inadequate time to transition
9. Greed and selfishness
10. Spent a lifetime building it, and it pays top dollar now. Why give it up?
11. Lack of policies and processes to address transition issues
12. Lack of appreciation for going concern value
One or more of these factors can affect the success or failure of a transition plan. In fact, a firm’s very survival may depend on how well it overcomes the challenges of transitioning the firm.
This eBook Can Help
The only way to survive these challenges is to prepare for them and begin to address them now. Addressing the relevant factors early in the process gives firms more options.
This eBook not only outlines the 12 greatest challenges in detail, it also outlines ways to manage and overcome each of the challenges. In highlighting these significant challenges, the book calls out the importance to start the transition planning process NOW at your firm.
Avoiding retirement discussions will only lead to an increasingly anxious workforce and create an opening for competitors.
Download this helpful eBook now to help guide your firm to a more secure and successful future:
MORE TRANSITION PLANNING RESOURCES AND TIPS: