Successful firms enjoy their stature and rewards through the dedication and hard work of its people. That same dedication and hard work oftentimes focuses on the “here and now,” and not the firm’s future. So it is no surprise that many firms are tested when it comes time for one generation of leaders to turn the keys over to the next generations. Hayse’s experience with law firms populated with Baby Boomers, Gen Xers, and Millennial’s helps it create leadership and client relationship succession strategies for the institution, its owners, and its valued employees. Whether aiding a firm by performing Hayse’s proprietary Succession Audit, designing a strategy to preserve the firm or its relationships for future success, or coaching a firm through a leadership or client relationship succession plan, Hayse’s experience is invaluable for firms wanting to do succession right.

In a time in which law firms are populated by Baby Boomers, Generation X’ers and Millennials, many firms have inadequately prepared for succession. Such issues are as unique as the personalities in a firm but can’t be ignored because they are time-sensitive and vitally important. Firms we have assisted that have not prepared for succession frequently need to address one or more of the following:

  • Leadership’s failure to develop a pool of competent successors
  • Inadequate succession of client relationships
  • Leadership succession vacuum
  • Resistance of senior lawyers due to financial pressures
  • Reluctance of Generation X’ers to commit their time to solving the succession puzzle
  • A career perspective held by Millennial lawyers that seems inconsistent with the long-term objectives required by succession

To assist clients facing these issues we:

  • Identify potential successors (internally or, if required, externally) and design a training program to create successor competence
  • Design a program for client relationship continuation
  • Evaluate the possibility that merger or other combination is the appropriate leadership succession plan
  • Create incentives for Generation X’ers to embrace the task of building a succession plan
  • Work with the new generation of lawyers (as well as anticipating the next generation of lawyers) in creating a plan of succession in which they willingly become contributors