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Succession planning is vital to building a sustainable future for your law firm

By Andrew Hedley, Director, Hedley Consulting

18 September 2014

As the legal industry finds itself once more on an expansion track, one consequence of a long period of recession and low growth is that the partnership age profile now appears somewhat imbalanced. Few firms have been able to offer partnership promotion to those who, in the past, would have been credible candidates. In some cases, only truly stand-out performers have been offered the keys to the partners’ dining room while, in others, the door has remained firmly bolted for a number of years.

Some would argue that it is a good thing that the recession has finally sorted the wheat from the chaff and that now only those with real ability (rather than all of those fortunate enough to be working in a bull market) will become owners of the business. Regardless of whether or not this is a laudable situation, it creates a number of pragmatic, strategic, demographic and emotional issues which firms seeking to grow...

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