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Ioana Good Founder + PR Strategist of Promova. Ioana Good Founder + PR Strategist of Promova.

A large part of the U.S. population is reaching retirement age. As they do and a huge wave of baby boomers march into retirement, law firms are shifting resources and focusing on business continuity plans, including recruitment, retention, crisis response, and succession planning. These plans often take more time than estimated, often years. Careful consideration needs to be taken to address strategic priorities, management needs and client relationships. Yet all too often, unavoidable events such as the current pandemic, health issues, and economic uncertainties have a dramatic impact on the success or failure of plan development, execution, and revenue. Currently, law firms seem to have a better handle on the recruitment and retention aspect, but succession planning is more complicated.

Peter Johnson, the founder of Law Practice Consultants, says the COVID-19 pandemic has not accelerated succession planning in law firms; he finds that most law firms do not have a strong succession plan in place. “Only 10% of the law firms I work with have a solid plan in place,” says Johnson. “There is a psychological component that leaders are facing. It’s difficult to think about our mortality, and it’s tough to tell someone look, you lost your fastball after many years of leading a successful career.”

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