Succession and Exit
With any business, including law firms, there is a need for a plan and strategy to assist in driving the firm forward to achieve its goals and objectives. There can be a number of reasons why a firm may call in external expertise to assist them, and our Detailed Strategic Review Service is an in-depth review of a law firm to understand the firm and identify where change may be necessary to achieve specific or generic goals.
The Strategic Partner has a depth of experience across the full range of legal environments and has faced, with firms, a multitude of challenges and assisted firms in overcoming them.
Our Consultants will spend time in your business to gain a detailed understanding from which they will work with the key people to share expertise and knowledge to improve and drive the firm forward in the most appropriate and effective way.
Find Out More
For more information about our Succession & Exit service you can call us on 0203 911 9710 or you can email us at info@thestrategicpartner.co.uk.
You can also download our Compliance & Regulation Service brochure by clicking on the link below.
Succession and Exit – The Detail
The development of a succession plan is an important element of law firm management and control. Too many firms face negative repercussions of failing to address the issues that arise from not having partners or future partners that have the desire and ability to take the firm forward. The result of not planning for the retirement and exit of existing partners can render firms closing or being acquired by other firms for little or no value.
Not having a plan for the future of the firm is a regulatory risk as a failure to address this issue can cause damage to not only the firm itself but the staff and clients. Approaching the exit of partners and addressing retirement plans should be linked to the development and promotion of new Partners and potential equity Partners.
A succession and exit plan will dovetail the exit plans of existing Partners with those of future Partners and through doing so deliver a robust succession plan that protects the firm and its value.
Our succession & Exit Plan Services
Our work will also extend to training and mentoring of future Partners and provide them with the confidence and skillsets required to become an equity partner and decision-maker. For more details on our Future Partner and training and mentoring programme, click here to view our service.
With the legal market struggling to find Solicitors willing to step up to Equity status this is an important area for firms to address and consider to sustain their own future. A successful succession and exit strategy will include:
- Identifying the plans of the current partners and when they intend to retire or reduce their activity
- Address what would happen in the event of a sudden and unexpected exit
- Provide future Partners with a path to Equity and clearly setting out the firm’s expectation and requirements of future Partners
- Considering finance options if there is a need to ‘buy into’ the Equity
- A Plan to address the financial consideration of an exiting partner and if and how they will release their own capital
- Identification of future Partners and ensuring they are trained and ready for Partnership status and the responsibilities that it brings
- Updating the Partnership of Shareholders agreement to protect both existing and new Partners
- Consider and address the impact on the firm, its clients, and staff of an existing partner and in particular address client relationships or skills that could be lost as a result of a partner leaving.
We provide both packaged and individual solutions that directly add value into the firms we work with. You can download brochures on these services below:
Enquiries
For more information about our Succession & Exit service, you can call us on 0203 911 9710 or you can email us at info@thestrategicpartner.co.uk.