By: Daniella Isaacson, Esq., Senior Analyst, ALM Intelligence
Succession planning, the final and arguably most important piece in the employee lifecycle, is integral to the long-term success of any enterprise. Businesses are not immortal; their continued existence, once created, is far from guaranteed. In the current age of innovation and disruption, planning for the future in the present is more critical than ever.
This holds true particularly for the legal sector, an industry where individuals, in the form of equity partners, have outsized impacts on the fortunes of their firms. To ensure their organizations’ future, firm leaders must face of a governance structure that traditionally incentivizes short-term profit maximization for individuals at the expense of long-term strategic planning and stability for the firm. Consequently, failure to plan the stewardship of the business and its passing to the next generation puts the future of the firm at great risk.