This paper discusses succession planning for law firms. It highlights the objectives of and impediments to succession planning. It also summarizes some of the things that law firms can do now to start planning for the retirement of key senior members of a firm, including assessing risk, creating incentives, setting timelines, grooming successors, and creating alternate roles. The paper includes a sample senior associate professional services contract as an appendix.
This paper is part of a collection presented at LESA’s 7th Annual Law & Practice Update in Edmonton on October 20–21, 2017.
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