Aging Partners Forced To Put Firms' Future First

Law360, New York (May 28, 2013, 8:32 PM EDT) -- Recession forces are encouraging more law firms to push recalcitrant, aging partners to formalize succession and client transfer plans, in the face of what recent surveys show is still an industry that is largely failing to face an inevitable turn-over of leadership, legal experts said.

Nearly half of managing partners polled by consultant firm Altman Weil said they had no formal succession plans in place, but are dependent on ad hoc or informal systems for transferring clients and planning smooth exits for lawyers approaching the end...
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