Ensuring the survival of a law firm is one of the most vexed issues facing many firms, particularly those that are smaller. Often it can lead to the end of firms, where succession planning has been avoided or ignored.

However, legal recruiter and specialist Karen Courtney has written about how longevity for a firm requires forethought and planning. While many only consider these issues when coming close to retirement age.

But having a "knee jerk" plan is not the answer, she says.

Succession should be given thought to across the life of the firm and should encompass all levels of professional staff and partners. This is where having a plan that includes development of persons within the firm can save a lot of grief later on.

Retirement age and exiting strategies are entirely different in each firm. It can take into account the person’s on-going contributions, their desire to work full time or ease back and it will sometimes be an agreed age. Other factors may come into it too. We’ll look in to this further on.

The Dollar and Branding Cost of Poor Succession Planning

Well organised succession planning or lack thereof will contribute to either high staff turnover or stability; employee and partner satisfaction levels; and poor or strong employer branding. How does this work?

When recruiting staff solicitors, I am often told by candidates that they are looking for a firm where they can develop their skills and their ability to contribute. These candidates say they want a path that takes them through the firm, either to partnership or to a role with more responsibility.

When this isn’t in place, the dissatisfaction that this can raise makes them ripe for the picking from other firms that may offer a plan to develop them within their practice.

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