Partner Departure Tips
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.
For law firm partners, most departures issues are foreseeable and manageable with planning and preparation.
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.
Succession planning for your law practice is more than just prudent preparation. It is imperative to protect client interests, is good business, and protects the value of one of your most significant assets.