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Succession for Sustainability
The 2012 Summer Olympic Games have come to a close. In four years the summer games will be hosted by Brazil. The International Olympic Committee website states that the process to select a host city begins with the bidding process nine years prior to the event. Operational planning begins five years out. Brazil's planning for the next summer games is clearly well underway. An Olympiad requires extensive lead times and long-term planning.
U.S. company General Electric has had 12 leaders over the last 120 years, and has a history of great leadership. Probably its most well-known leader is Jack Welch, who said in 1991, a decade prior to his retirement, “From now on [choosing my successor] is the most important decision I'll make. It occupies a considerable amount of thought almost every day.” [See, "Built to Last: Successful Habits of Visionary Companies," Collins and Porras, 1994 hardback and 1997 paperback, page 169 paperback.]
In the Altman Weil survey, Law Firms in Transition, law firm leaders responding identified the retirement/succession of the Boomer generation ' individuals born between 1945 and 1964 ' as a key issue facing their firms. (See, 2012 Law Firms in Transition, an Altman Weil Flash Survey, Conducted in March and April 2012 by Altman Weil, Inc. with 238 respondents out of the 792 U.S. law firms with more than 50 lawyers at that time.)
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