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The booming problem with law firm succession

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NZ Lawyer | 04 Aug 2014, 12:32 p.m. Agree 0
As partners in baby boomer law firms are approaching retirement, many are unprepared for how to smoothly transition their practices to the next generation. BDO’s Adam Davy explores the issue
  • Judith Eller | 06 Aug 2014, 05:59 p.m. Agree 0
    I have had many a conversation with law firm partners with regard to succession. It seems to me that many can not afford to retire, haven't planned for retirement or don't want to let go any income until they absolutely have to - that being for some a year out from exiting - that's too late. By then I have found that the revenue has dropped to an unsustainable level, clients are looking else where and staff are leaving for more secure positions or there are no staff as the firm can not attract any.
    I would have thought this was all very obvious but clearly not!!
  • David Graham | 08 Aug 2014, 09:41 a.m. Agree 0
    For 12 months I have been telling the team the date I want to start winding back and the date I want to leave the building.
    This has been a great motivator for the team and I to take action.
    Read Martin Hawes Twenty Good Summers to motivate you to leave and have fund before you die.

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