Succession planning at law firms, or lack of such planning, is an ongoing challenge for law firms in New Jersey and beyond, but many are taking steps to address it, and in some cases seeing results from those efforts.

“The folks who [build a] firm assume that they won’t get a visit from Father Time—Father Time is undefeated,” said Vito Gagliardi Jr. of Porzio, Bromberg & Newman in Morristown, whose firm implemented a succession plan several years ago and now is taking stock of the results. ”Just as folks have a hard time buying life insurance and filling out living wills, they have trouble giving up control because they can’t accept the impact of Father Time.”

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]