Succession Planning for Law Firms Meets Chapter 3 for Lawyers

All professional athletes eventually face the same challenge: when to retire and what to do after retirement. For the most part, an athlete’s career is limited in time because of the physical demands of job. Lawyers on the other hand do not face these constraints. There are many lawyers who practice well into their 70’s or 80’s and some who never choose to retire. But for many law firms and for many law firm partners, this is not an optimal strategy. Healthy businesses need a healthy succession plan and after 40 years in practice, many lawyers are ready for some sort of change.

As the pandemic has caused many law firms and partners to rethink their priorities, the issue of what to do with senior partners has become more timely. Firms are already under a lot of under a lot of financial stress. A lack of succession planning only adds to this.

In the latest episode of the Counsel to Counsel Podcast, I  welcome back Larry Stybel of Stybel Peabody. At the beginning of

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From Biglaw to Boutique Law-How to Downsize Your Career and Increase your Career Satisfaction

Josh Rissmiller, is now a partner at a corporate boutique in Boston.  But he started his legal career at one of the top firms in New York and lateraled to an international firm in Boston.  What was it like to leave a large firm, what did he gain by starting out as an associate at a big New York firm and how is his life different (and better) at a boutique.

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“Danger, Will Robinson!”–Baby Boomers About To Retire En Masse

I mentioned in an earlier blog the huge opportunities and challenges facing law firms with the impending baby boomer exodus from the leadership ranks. I thought I would expand on that theme here. That’s right, you heard me–the long-standing complaint among senior associates and junior partners that they have no role in leading firms is … Read more

Is Less Equity Such a Bad Thing?

Law.com reports on a recent study released by Citigroup Private Bank. The study suggests that rising law firm expenses (higher associate salaries and rents) will create upward pressure on billable hours and downward movement on the number of partners who are invited into the equity ranks. One law firm consultant quoted in the article seems … Read more