Succession Planning

• Executive summary viiAbout the authors xi Chapter 1: Creating and implementing a law firm succession plan 1By Sandra J Boyer, president, Legus InternationalWhat is a succession plan? 1The importance of a succession plan 1Elements of firm management transition 2Elements of transitioning firm clients 6Impediments 7Additional considerations 8Conclusion 10Chapter 2: Succession planning considerations for the senior lawyer . . 11By Hermann Knott, partner, KUNZ LawyersIntroduction 11Types of succession 12The importance of timing 12Impact of the size of the firm 14Preparing the next leaders 15Conclusion and outlook 15Chapter 3: Holding on to clients when senior partners retire 17By Susan Saltonstall Duncan, president, RainMaking OasisIntroduction 17Establish a uniform policy for retirement and succession 18Identify clients potentially at risk and assess relationship breadth and depth 18Gain better knowledge of clients 19Talk to each client to gauge client satisfaction, loyalty, and any concerns 20Carefully select client relationship successors 20Put a client development and transition plan and process in place 22Monitor progress to make sure the transition plan is working effectively 24Client transition checklist 24Chapter 4: Succession of rainmakers 27By Jaap Bosman, founder, TGO ConsultingLaw firm royalty 27Real rainmakers and fake rainmakers 28Hostages and Stockholm Syndrome 29Santa’s little helpers 31Retirement reluctance 32Mitigations 33Rainmaker succession, hands-on 34Chapter 5: How to compensate retiring and retired equity partners 37By August J Aquila, CEO, AQUILA Global Advisors, LLCGetting started 37Key partnership agreement issues 38Retiring partners 38Creating options for retired partners 42The successor partner 45Make it happen 45Chapter 6: Diversity considerations in succession planning: future-proofing law firms through diversity 47By Pam Loch, managing director, Loch Associates GroupIntroduction 47Issues facing businesses around lack of diversity 48How can businesses address these issues? 49Benefits to business and future-proofing in an increasingly diversity-led culture 52Conclusion 53Chapter 7: Financial aspects of succession planning: protection and retirement considerations 55By Veronica Mann, chartered financial planner, Talis Financial AdvisersIntroduction 55Communication and contracts 56Financial planning for retirement 56Death and incapacity of key players 59Future liabilities 61To summarize 61Chapter 8: Succession planning for sole practitioners 63By Shelley Dunstone, principal, Legal CirclesThinking of retiring? 63Will someone want to buy your practice? 63Options for selling your practice 64What assets can you sell? 64What is goodwill, and what is it worth? 65Options available to a seller 67How to maximize your prospects of selling your practice 69Conclusion 70Chapter 9: Why lawyers and law firms find it difficult to deal with retirement and succession: overcoming the obstacles 71By Ronnie Fox, partner, Fox & PartnersFive reasons 72Five ideas 73Five solutions 75About Globe Law and Business 79

This book is excellent in raising the many issues around retirement and succession planning.