https://www.law.com/americanlawyer/2024/04/09/identify-future-leaders-open-lines-of-communication-and-do-it-with-time-to-spare-a-succession-planning-primer/
NEWS
Smaller firms in particular struggle with handling younger attorneys “more keen” on leadership positions, according to executive coach and strategic adviser Gwen Mellor Romans.
April 09, 2024 at 04:00 PM
6 minute read
What You Need to Know
- When a firm’s succession becomes uncertain, attorneys with portable books of business are likely to start considering options elsewhere.
- Yet the next generation of firm leaders are also looking for leadership positions more aggressively, attempting to move up the succession planning timeline.
- Consultants suggest law firm leaders begin elements of succession planning early on, helping cultivate leadership and managerial skills for attorneys early on in their careers.
Uncertainty breeds mutiny when it comes to succession planning.
Disney’s Bob Iger learned that lesson this past week, managing to fight off a second corporate coup in as many years following multiple extensions of his tenure as CEO of the entertainment giant despite attempting to retire in 2021. Yet law firms can learn from this lesson as well.
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