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.
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.
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.
Law firms are not entitled to future profits from the firm’s clients as an ongoing property right, but this does not mean that the law firm can't do anything to protect themselves in the event of a departure.