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ARTICLE · 23 AUGUST 2023

Succession Planning: The Myth & The Threat

In today's legal environment, Succession Planning is a Myth to lawyers under 55 years old and a Threat to lawyers over 55 years old.

CanadaLaw Practice Management

In today's legal environment, Succession Planning is a Myth to lawyers under 55 years old and a Threat to lawyers over 55 years old.

Background

In 2015 Altman Weil Inc conducted a survey and drew the following conclusions on the percentage of firm revenue controlled by partners aged 60 or older:

5% - 10% Succession planning is not critical yet unless key clients involved.
15% - 25% Retiring partners will impact the bottom line. Start planning a systematic transition process.
30% - 40% Retiring partners could damage the firm's prospects. Begin actively managing transitions now.
Over 40% The firm may be captive to its senior lawyers. Immediate intervention is required.

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