By Patrick J. McKenna
Do you know that today, every seven seconds, someone is turning 60 years old? Indeed, it is expected that 40 percent of lawyers will be retiring soon, leaving not a hole in many law firms, but a sizable cavity.
It is very likely that someone important to your firm’s future is getting closer to retirement. When that professional leaves, so too will valuable knowledge and key access to many of your firm’s most valuable clients. Competitive firms out there right now are targeting the clients of your soon-to-retire partners. They are gambling that you will not get your succession matters in order and that clients will soon be up for grabs.
It’s time to face the music. There is also a concurrent gap in leadership being created as baby boomers retire. But far too many firms ignore all the warning signs until it is too late. Is your firm ready? Ask yourselves these questions:
Your current state of business can distract you to the point that, the next time you look up, it may be way too late to act. Develop your succession plan now!