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Succession Planning
Many firms believe that their reputation, expertise, and history will help them sustain their client base even after key partners retire. In an industry that relies so heavily on personal relationships, this is a dangerous assumption to make. To help ensure client retention, firms need to put in place a long-term, multipronged client transition plan at least two years before a partner's retirement. With the eldest of the baby boomers turning 65 in 2011 that means such planning must begin now.
Get Partner Buy-In
Successful transition planning requires the buy-in of the retiring partners. In some cases, this may initially be a challenge as vanity and egos come into play, and partners refuse to acknowledge that they are getting older or that a successor will succeed as they have in maintaining positive client relationships. Compensation is another common concern at the start of the succession process, as senior partners may grow concerned that they will see a personal financial impact as a result of the client transition. Giving senior partners a say in choosing their successors, a key role in the transition, and a clearly defined compensation agreement for the transition period may help dissuade some of these concerns.
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