I have no sympathy for those firms who ignore succession.
It is bloody obvious.
You have an ageing partner population and clients have tremendous allegiance to your senior fee earners. It is very likely that unless you spend meaningful time cultivating an alternative relationship, they won’t renew their membership of your firm when the partners retire.
What are you doing about it?
- Speaking to the clients?
- Making sure that the bond is with the firm and not the individual?
- Ensuring that any internal trust issues are managed?
- Allowing the client to get to used to someone else doing the work?
- Stop making excuses.
- Capture the potential.
- Introduce others to the relationship.
- Tell the partner that they are firm clients.
- Act in the client’s best interests.