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More Small Firm Leaders Embrace Succession Planning

By Lizzy McLellan
July 01, 2016

As partners and firm leaders from the baby boomer generation have begun to reach retirement age, legal consultants say succession planning has become a subject of increasing concern at small law firms, and is a topic they encourage those firms to prioritize.

Consultants say small firms have employed a number of different approaches when it comes to preparing for the retirement of senior partners and firm leaders. Lori Carpenter of Carpenter Legal Search in Pittsburgh says she hasn't noticed a particular trend in how firms prepare for these changes, but an overall increase in awareness.

“I'm seeing smaller firms thinking about their future ' particularly those that have been in existence for a long time,” Carpenter says. “People are thinking about it and I'm encouraging it more.”

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