Episode 1. 3 Biggest Risks for Waiting Too Long to Implement a Succession Plan for Your Law Practice

In this episode, Scott Loring of Cooperative Coaching and Mediation and Jeremy discuss the 3 biggest risks for Senior Attorneys who wait too long to implement a succession plan for their law practices. The 3 biggest risks are: (1) The increasing unlikelihood that new clients will retain you because clients seek lawyers who will represent them for 5+ years; (2) The increasing risk of an unexpected physical or mental ailment that can end a lawyer’s career; and (3) The unexpected departure of a partner or long-time associate whom you expected to succeed to your practice. Each of those risks negatively effect the value of law practices. Jeremy and Scott discuss how Senior Attorneys can plan for avoiding these risks, including the value of Senior Attorney Match’s Next Step Workshop. We also discuss how to know whether a senior associate or partner actually can succeed to your practice. And, we discuss how growing law firms present the winning combination that clients seek, namely, combining the experience and know how that Senior Attorneys offer with the long-term relationship with their attorneys that growing law firms provide.