Succession planning is a huge vulnerability for midsize firms. We’ve seen it sink more than a few. A strong leader retires or passes away, and there’s no one there to really assume the mantle. The firm starts to feel adrift, lawyers feel vulnerable and start questioning their futures, and then that’s when things start falling apart.
Even though publications like this one and consultants have warned mid-market firms of the dangers of not planning for leadership changes, it’s still a blind spot for a lot of firms.