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Compensating Transition
Sometimes it seems like you can't win. Law firms spent the better part of two decades effectively extricating themselves from unaffordable, life-threatening unfunded retirement packages during a period of constantly growing business, only to find they have few if any financial mechanisms available to incent retiring partners to actually transition their clients to the next generation, prior to retirement. Not that most firms were particularly good at linking unfunded deferred compensation to transition, but in theory, at least, you could. But now, at a time when it appears a permanent buyers' market has set in and the market is growing slowly if at all, retaining clients through partner transition is ever more critical. And most firms are woefully short of actual tools to encourage such transition.
Pay Lip Service to Transition Today '
A limited number of “institutionalized” law firms ' generally among the highest regarded and well-established firms ' have effectively grown up with client transition principles as part of their cultural DNA. And for these firms the clients are as often “clients of the firm” as clients of partner X. But for the vast majority of commercial firms, including virtually all mid-market firms, clients are far more attached to the individual than to the firm. At least most of them are. And while most of these firms have a stated objective of ensuring a smooth transition of the clients of retiring partners to other partners of the firm, that stated objective unfortunately tends to be the beginning and the end of the firm's involvement in the process. As a result, while successful client transitions take place, they are almost always because the individual partner wanted them to occur and behaved in a manner that would encourage the transition, irrespective of the efforts of the firm itself. Worse yet, in many cases the actual policies of the firm work against client transition rather than in its favor.
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