John Bruch: Small firms face big challenges when leaders retire
8:14 pm Wed, July 17, 2013
Posted: 8:14 pm Wed, July 17, 2013
By John BruchThe Daily Record Special to the Daily Record
Transitioning a small law firm from one leader to the next is a challenging and complex process, encompassing the transfer of clients, negotiating financial terms of the partner’s departure and choosing his or her successor. Unlike larger firms with a plethora of experienced attorneys ready to step up and fill the gap, smaller practices often have an “elder statesman” or “stateswoman” who forms the backbone of the practice and has strong personal bonds with clients. Without a solid succession plan, their departure could alienate clients and harm the practice.
Already a paid subscriber but not registered for online access yet? For instructions on how to get premium web access, click here.