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Lay all your cards on the table and avert risk

Succession planning and technology are just two of the issues that see tension levels rise in any boardroom, writes Helen Clayton

23 February 2016

Many firms have faced financial risk since 2008/09 in varying degrees, with some continuing to struggle, some that have come out fighting and stronger, and, of course, a number that are no longer here. We have new entrants with deep pockets, consolidators, and niche firms. Cash and funding will always be at the heart of every business.

Two areas where law firms are currently facing financial risks are succession and technology.

In situ partners

Many firms are experiencing succession issues: a certain generation of partner has ?been in situ for many years and, due to a lack of progression, talented people have moved ?on and there is no visible succession, or the talent has been retained but there is a financial viability issue in becoming a partner. Moreover, many firms have succession issues but are not facing them. This is a disaster waiting ?to happen.

Many within the younger generations of partners and future partners do not ...

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