The COVID-19 pandemic has added a layer of complexity to law firms’ succession planning efforts. In particular, the process of transitioning relationships between individual lawyers and their clients has become more challenging as the crisis unfolded. Law firm partners, who have often built up significant bodies of business over the course of their careers, are increasingly hesitant to transition these relationships to the next generation of lawyers—a resistance that has been compounded by the pandemic.
Such hesitance is not without reason; many lawyers have spent countless hours—late nights, early mornings and working weekends—in order to develop their practice and bring in business for their firms. Naturally, that makes them reluctant to let go of these hard earned relationships. However, the reluctance to transition has also impeded law firms’ ability to effectively plan for succession, especially on a practice level.
This dynamic is certainly a challenging one. However, it’s not insurmountable. There are clear pathways for law firms to re-energize the client transition process, to ensure smooth transitions, satisfied clients, and continuity in the practices that law firm partners have spent their careers building. These pathways, though complicated by the pandemic, remain essential for the long-term resilience and success of law firms.
For a more in-depth look at this dilemma and potential strategies for revamping the law firms’ succession planning efforts amid pandemic disruptions, take a look at this thoughtful piece on Law.com.