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May / June 2011 | SUCCESSION PLANNING SPECIAL ISSUE

A Short Course in Succession Planning: Transitioning Practices and Clients to the Next Generation

Cover Story

A Short Course in Succession Planning: Transitioning Practices and Clients to the Next Generation By Marcia Pennington Shannon

As significant numbers of law firm partners near retirement age, firms face the daunting question of how to smoothly transition their clients and practices to the next generation. Here’s a snapshot of fundamental steps and issues to consider in charting out a practice’s transition process.

FEATURES
  • Five Questions to Ask About Your Firm’s Succession Readiness
  • By Tom Grella
    • As his firm begins to grapple with the many tough issues involved, the managing partner of midsize McGuire, Wood & Bissette shares insights into the process of “planning to plan” for succession—and the five basic questions leaders need to ask.
  • Financial Aspects of Succession Planning
  • By Stephen Mabey and Karen MacKay
    • As his firm begins to grapple with the many tough issues involved, the managing partner of midsize McGuire, Wood & Bissette shares insights into the process of “planning to plan” for succession—and the five basic questions leaders need to ask.
  • Closing a Solo Practice: An Exit To-Do List
  • By Sheila Blackford and Peter Roberts
  • Ideally, when it’s time to close your practice, your route will have been charted out well in advance. Then again, if getting away for a vacation has proved difficult, the idea of getting away for good can seem really daunting. So here are steps to help with the hows and whens of closing your office doors.
TECHNOLOGY
business
frontlines
  • Notes from Editor-in-Chief Dan Pinnington
  • By Dan Pinnington, Editor-in-Chief
    • A huge proportion of the bar is nearing retirement age, and law firms are facing the challenging question of succession planning. Unfortunately, the topic gets little attention at most firms, since it raises just about every issue lawyers and law firms dread and avoid: client transitions, leadership changes and partner income and payouts.
  • Perspectives from the LPM Section Chair
  • By Andrea S. Hartley
    • WHO IS NEXT IN LINE? Whether the question is who will be the next managing shareholder, the next attorney in charge of a client relationship or the next president of the United States, knowing who is next in line is critical.
  • Mentoring: The Prelude to Succession Planning
  • By Robert W. Denney
    • As the legal profession continues to change, new trends continue to arise. But one of the most important trends of the day is not new to law firms. It is the return of the oldest, tried-and-true approach to associate development and retention—mentoring.
  • Ask Bill
  • By K. William Gibson
    • Bill, I’m thinking of regearing my solo practice to concentrate on personal injury cases. I know you worked in this area for years so I’m hoping you can advise me, especially on the finances side. How is managing a contingency fee-based practice different?
  • Polishing Up Client Relationships
  • By Laura A. Calloway
  • How do you go about ensuring that your clients are completely satisfied? Follow these tips on seeking feedback.
LPM SECTION NEWS & EVENTS
  • Legal Technology Guides
    • New and notable books and resources for the business of practicing law.
  • The Director’s Desk
  • By Pamela McDevitt
  • A little more than a year ago, I joined the staff here at the ABA. In retrospect, it has been a year of challenges and exciting changes. Just like the rest of you, we’ve kept our eye on the bottom line and are working hard to deal with that old conundrum–do more with less.

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