The closing of two well-known and longtime law firms in the Northeast—both announced this week—underscores the continued concerns of small firm succession planning.

Legal industry observers say succession planning remains a weak spot for smaller firms, often leading to a firm’s dissolution when a key leader retires, and attorneys—from junior associates to other firm partners—need to create backup plans well in advance of a rainmaker or founding partner retiring. Meanwhile, founders of small firms need to get younger lawyers involved in leadership and client work much sooner if they want to keep the firm going, observers say.

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