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Stepping Up - Becoming A Law Firm Owner

Becoming a law firm Owner is, for many, the reason why a career in law was pursued. But for too many, the prospect seems daunting or confusing. Finding Partners (or Directors) is a challenge for law firms. Particularly finding good ones who are driven to take the firm forward and assume the responsibility of ownership, accepting the risks and enjoying the rewards. 

Becoming an owner of any business is a challenge, more so in a regulated environment. BUT, that should not be a deterrent to future owners. Lawyers are trained to overcome challenges, and the application of this training and harnessing the skills learned through your career will prepare for ownership and what this entails. 

How can firms and individuals prepare themselves for ownership? Whether salaried or equity, there needs to be a clear path to achieving the status and preparation is key. 

The industry is facing a problem with succession. With many firms both not appreciating and facing succession issues, or are simply unable to find the right people to take the firm forward into the future. Too many firms take a backward step for these reasons and either disappear through closures or mergers, or simply fade away due to lack of leadership.

To read or download the full White Paper, just click below

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