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Top 10 Tips For Successful Succession Planning .
What happens to your client base when a partner or senior solicitor leaves or retires? Client relationships aren’t forged overnight, they take years to cultivate, so simply recruiting someone new, with a one-month handover, isn’t going to work. Shortcut the process and mistakes will be made; it can cost the firm clients and impact on its bottom line. Carefully thought-through succession planning is essential. So how does a firm plan for a partner’s exit?
Peter Bird, Managing Director of the Drury Partnership gives his tips on successful succession planning.
Think ahead - succession planning takes time; if you rush, mistakes will happen and that will affect your firm and its clients. Safeguard against this by starting the planning process at least five years before a partner is likely to retire.
Allow time to shadow - find a replacement for the exiting partner at least three years before that partner is wishing to step down - it will allow them to shadow the exiting partner, forge solid relationships with the partner's clients, and fully understand the case load and running of the firm.
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Rural Firms: Masterminding a Talent Victory
Will rural firms ever be a true contender with big city firms when it comes to securing the strongest legal talents? Can they really win the fight over talent? Peter Bird, Managing Director of regional recruitment specialist the Drury Partnership, says “yes”, if firms look closer to home.
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