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It has never been more important for law firms to plan for the
future. A highly competitive market, an aging profession, the
changing ambitions of younger generations, many of whom place
greater importance on work-life balance than reaching top
leadership levels, and a long-held reluctance to discuss retirement
and succession, all combine to create what some are calling a
succession crisis. It is time to face the issue head-on and start
putting systems in place to ensure the long-term success and health
of lawyers and their firms: succession planning is the answer to
this. A successful succession encompasses two core elements:
transitioning firm management to a new generation, and transferring
client relationships. This title provides guidance not only on how
these two transitions can be achieved effectively, from the
perspectives of both individual partners and the firm, but also on
the plethora of issues involved in preparing for the departure of
retiring partners and transitioning in new leadership, including
compensation, the role of diversity and inclusion and financial
considerations. It also considers situations where more specific
and specialised plans may be required, such as managing the
succession of a rainmaker or a founding partner. A strong and
effective succession plan ensures that clients are retained over
the long-term, retiring partners leave optimistic and satisfied,
future leaders are in place and prepared for their roles, and the
firm continues to grow and flourish. The shift to a more remote
work environment has also made the institutionalising of processes
such as succession planning even more important. By providing a
thorough understanding of its many elements, this title explains
how effective succession planning can be implemented and ensure
smooth leadership and client transitions, securing and enhancing
the current and future success of partners and their firms.
Effective risk management is critical to the successful operation
of law firms. Market acceptance and professional reputation
established over many years can be destroyed overnight by a major
incident. Often such events could have been prevented if
appropriate risk management systems had been in place. This new
book has been prepared by a number of well-known and authoritative
authors, the majority of whom are from Anglo-Saxon jurisdictions,
but with experience in civil law jurisdictions as well. The working
method applied throughout the book is based on risk categories,
rather than geographic. This approach allows authors to focus their
contributions on workable solutions, rather than country-specific
legal analyses. Chapters address financial risks (which have been
an important factor in recent collapses of law firms), risks
brought by clients as well as risks associated with quality,
conflict, hiring and practice integration procedures. This book
aims to help law firm leaders and managers to understand the scope
and utility of risk management generally, and to guide them in
implementing and maintaining adequate risk management policies,
procedures and systems. The book also gives in-house counsel and
risk officers a better understanding of the needs of their outside
attorneys, thereby improving the partnering between lawyers and
their clients.
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