Law Firm Transitions
The effects of partner departures are rarely positive. But even if the right partners leave, partner departures can be bad for business. And while partner departures can present great risks for the firm—they can also present great opportunities—if you are prepared.
Partner departures and lateral moves can create winning scenarios for both the partners and the firms. But taking a disciplined approach to projecting the performance of any practice is the key to avoiding potential unpleasant surprises for both sides.
It is critically important to respond to partner departures in the right way. But like any risk management analysis, it is not enough to put protections in place to react. To manage the firm properly, you also must analyze whether the firm's culture is aligned with the goal of retaining talented partners in the first place.
Law firms are full of lawyers, so why would a firm full of lawyers need its own counsel? Lots of reasons, it turns out.
Well-managed firms try to anticipate situations that can lead to partner departures to prevent departures or to manage them. However, the starting point is to know what can trigger partner departures.