A tectonic generational shift within the leadership of law firms is underway. With the Baby Boomer generation on the cusp of retirement, firms are faced with a wave of Gen X and millennial lawyers entering the ranks of partner and law firm management. As elsewhere in business—and in life—transitions can be rocky. However, law firm succession does not have to be if you have the right plan in place to face the inevitable.

Last year, the American Bar Association (ABA) released a report titled “The Path to Lawyer Well-Being: Practical Recommendations for Positive Change,” which estimated that 65% of equity law partners will retire over the next decade. The ABA report also notes “few lawyers and legal organizations have sufficiently prepared to manage transitions away from the practice of law before a crisis occurs.”

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