Law Firm Transitions
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.
The best risk management approach for partner departures is to prevent the right partners from wanting to leave the firm in the first place. For the others, well, they should go.
In a year full of law firm transitions, departures, and dissolutions, more change is surely on the horizon. This is still the perfect time to add a critical item to your list: Set the goal of reviewing your law firm’s risk management in a systematic way this year.