Cover These Bases For Every Retiring Partner in Succession Planning
Every firm is working through the succession maze and dealing with the exit of key partners in the firm. These partners leave holes in the firm that we have to fill. We need to recognize that our plans to fill them will be different depending on the role that the individual partner plays in the firm. With that said, there are four areas that you must cover for every partner. And each one deserves a plan of its own. They are:
Technical Skills and Expertise – Remember to focus on shoring up both service and industry knowledge for the firm.
Leadership – Leadership transition is one of the most difficult succession issues facing firms. Take a look at an article on my website for some ideas for the M.P. spot: Managing Partner 101 – Just What Exactly is the Job?
Hours – Because we need to move a particular client relationship, that doesn’t mean that we also have to replicate and move all of the partner hours intact to one individual. Make it a focus to leverage preparation and review time if you can.
Client Relationships – The client transition plan needs to be orchestrated over at least two years, it needs to be written and it needs to be supervised and managed by the firm’s managing partner. For the close personal relationships which are always the toughest to transition, you should plan on shadowing for at least two year-end cycles.
The retirements that we are just beginning to focus on are key to the future of our firms. Covering these bases will give you a better shot at a successful outcome. Read my full article on Succession – Cover These Bases for Every Retiring Partner.