Strategic succession, contingency planning in uncertain times

By Danielle DavisRoe, with Affinity Consulting

If an unforeseen emergency – like another pandemic – occurred, would you already have contingency plans in place? If you retired, would the law firm continue operating smoothly? Strategic succession and contingency planning can help you prepare for the future so you can even better serve your clients without disruption.

Contingency planning prepares you for the unknown, the unplanned. Succession planning, on the other hand, is the preparation for a planned exit from the firm (most often retirement). The two go hand-in-hand.

When considering what the future might hold, you must think about the people who will carry the torch in your absence, the core processes that keep business running smoothly, and how to transition work and clients seamlessly.

First-rate players

You can’t plan for the future without planning for those who will succeed you or take over in the event of an unplanned absence. Early identification of star players provides you with time to mold them into stellar leaders and rainmakers. The sooner you start working with these key players, the more time you have available to help shape them into whom the firm needs them to be.

Fundamental processes

Numerous fundamental processes drive every firm. Strategic planning requires identifying those processes and documenting every step, from client intake to closing letters. Process documentation has immediate benefits. New hire onboarding is more efficient, and process documentation helps get everyone in the firm on the same page.

While documenting processes, look for areas of potential improvement and gaps in the firm’s coverage. Ensure that there is a back-up for each task. Should someone suddenly leave the firm, you don’t want to be left in the lurch.

Future transitions

Transitioning work and clients is never easy. The most successful transitions start before retirement is on the horizon and must begin before an emergency is upon the firm. Ensure that every client works with and trusts at least two lawyers in the firm. Clients must be comfortable with your replacement long before you decide to retire.

Train associates to handle every type of matter that comes in. Work side-by-side on the complicated matters and provide them guidance on how to handle the thorniest issues. Then, when you are ready to retire or an emergency arises, they will be prepared to handle the workload.

This type of planning isn’t easy. Keep succession and contingency planning in mind with every decision your firm makes so you – and your clients – don’t have to worry in the future.

For more resources on contingency and succession planning, visit The Missouri Bar’s Law Practice Management Resource Center.