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.
Law firms have a range of options to reduce the likelihood of partner departures and to ethically and thoughtfully protect the firm when they occur.