Law Firm Succession planning is not a one-off event. Instead, you should treat it as a process, planning five to ten years in advance of when you plan to retire.
This way, you will be able to provide yourself with the flexibility to enjoy your well-deserved retirement years, while also maximizing the value that you receive for the firm that you have spent so many years building. By treating succession planning as a long-term process, you will be able to assure that you institutionalize your firm AND your legacy. You will further establish your firm’s brand that, with proper planning, will last through generations of successors in the firm.
There are a few important steps to consider while you’re developing this succession plan.
First, you need to build your brand. Your brand is your most important asset which will create value for you and your firm long after you have retired. You can do this successfully by conducting a thorough Brand Analysis, which will show you what clients, prospects, and recruits see and think when they encounter your various brand touch points.
In addition to a Brand Analysis, you should also run a complete audit of your website and aim to build the best site possible. For businesses, websites are one of the most important communications tools of the 21 st century. Websites provide a foundation for a firm with a big vision – a firm like yours!
Finally, you should begin business development coaching for the firm’s future leaders, including your associates. This will be the best way to show your attorneys and recruits that you genuinely care about their growth.
After this, you will be in a better place to determine partner roles, structures, and responsibilities, while also developing leadership and management responsibilities. This will ensure that your firm is left in a good place once you do retire. You should also determine compensation and retirement plans, as well as transition clients that remain well-represented within your firm. It is important that you support growth for the generations of lawyers to come. You know you have to retire eventually, but simply knowing this information is not enough. You need to develop a solid succession plan, backed by strong marketing that will reinforce your firm’s brand and continue to develop your firm’s value through the years to come.
It’s really as easy as 1-2-3. Perform a brand analysis. Build your site. Coach your future leaders.
So, what are you waiting for? Start today, and let me help you build your firm’s value while controlling the destiny of the firm by creating a valuable brand and marketing and technology infrastructures. This will allow you to have an exit strategy that lets you retire proudly while achieving the rewards of the firm you have created.
Are you ready to start building your Law Firms Brand? Click here to talk to Paul today!