Succession planning
Inevitably at some point partners have to leave the partnership. It takes time to prepare both the successor and the client for a smooth transition of the practice. We at TGO Consulting help our clients identifying talent in an early stage and help prepare to take over a practice. We equally assist the partner who is about to retire in how to gradually transfer the relationship.
As it comes to succession law firms tend to focus on client relations that need to be secured for the firm after the partner has left. Equally important however is the aspect of reputation in the market. It takes many years to be recognized as a leading individual in a certain practice area. A firm might well lose its market reputation once a prominent partner leaves. Strategic early stage planning is the only way to avoid this.
There is a natural tension between maintaining a strong personal performance and starting to transfer clients to younger partners at the right time. It may take several years to transfer a client but more than often a partner will wait until the last day.
At TGO Consulting we offer retirement-related assistance. We know how strongly partners feel about their clients and we also recognize the pressure on performance while acknowledging the interests of the firm. We have successfully helped law firms to mitigate these effects, working with partners and clients in helping to secure the relationship for the future after the partner has left. We also have a wealth of experience on how to keep the experience and network of partners for the firm.
