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Succession in Leadership
Many firms that were formed in the late 1960s through the early 1990s are now facing a transition from their founding leadership to a younger generation. There are many problems and benefits that will be associated with this transition. This article discusses the issues and the approaches that a firm may take to make the transition effective and efficient with minimal disruption.
Culture, Values and Vision
Too many times I have heard lawyers lament that they wish the old founder/benevolent despot were still there so the partners did not have to deal with management and compensation. The founder made all the decisions, and now the partners are having to deal with an executive committee they may not trust to put the firm first. But the transition will be based not on other models, but on the culture, values, and vision of the firm. Organization must always be based on these three factors. Before moving forward, here are some definitions. Culture is the prevailing, historical approach a firm has used in delivering legal services and in working as a unit. This includes demographics, interpersonal dynamics, client mix, and client loyalty. Values represent the core principles by which people in the firm interact with one another ' e.g., mutual respect, ethical behavior, accountability and a team approach. Vision is that statement that defines where the firm is headed and what the firm wants the world to recognize as its purpose.
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