There is a trend of lawyers in their prime earning years leaving their existing firms to set up their own firms, or moving to another firm where the grass is (hopefully) greener. This is, in part, because many baby boomers are not transitioning power or clients to the next generation.
In talking with law firm leaders and marketing professionals around the country, implementing effective succession plans is a challenge. Because of this, younger attorneys are frustrated with the lack of plans or, if the plans do exist, a lack of implementation. So, when it comes to succession plans, only two things matter – power and money.
POWER – Is the next generation being trained and put in leadership positions? No. Do they get a seat at the table when it comes to decision-making? No.
MONEY – Are younger lawyers subsidizing the compensation of older lawyers who are not working as hard? Yes. Are client relationships and credit being transferred? No.
What’s a firm to do?
- Identify key young lawyers.
- Get young lawyers involved in the firm’s business.
- Train them to be leaders.
- Develop transition plans.
- Create client teams.
For firms that do not heed this advice, trouble is ahead. Read: you will lose key future leaders to this trend.
For younger lawyers who want a seat at the table, it is your time to force change. If your concerns fall on deaf ears, maybe it is time to move on.
At ESQuisite, we can help firms with succession plans and leadership training, and we can help those youngsters who want to make the leap and open their own shops. Reach out to us at ed@ESQuisitemarketing or cady@ESQuisitemarketing to discuss.