In this episode of The Geek in Review, hosts Marlene Gebauer and Greg Lambert interview Laura Leopard, founder and CEO of Leopard Solutions, about succession planning challenges facing law firms. Leopard explains that many firms have partners nearing retirement age but no concrete plans for transitioning clients and leadership. This lack of succession planning threatens law firms' futures.
Laura mentions that to make matters worse, the path to equity partnership is getting longer, making it harder to retain promising senior associates and counsel. Firms have added non-equity partner roles, keeping equity partner numbers small to inflate profits per partner. Leadership lacks incentives to retire, with no retirement plans or continued compensation. All this will hamper recruiting efforts, as younger generations prioritize work-life balance.
She recommends that in order to retain mid-career attorneys, firms must rethink policies on remote work, billable hours, and flexibility. Virtual firms with better lifestyle offerings are growing competitors. But firms seem unwilling to change. Leopard argues everything should be on the table for analysis by outside consultants. Phased retirements and succession mentoring could also help transition clients and power.
Though Laura Leopard (and even Bruce MacEwan) cannot point to examples of firms that have executed succession planning well, it is possible with courageous leadership. She advises setting retirement age limits, crafting written plans, and easing older partners' exits. A too-big-to-fail mentality persists despite serious business vulnerabilities if talent is not retained and recruited.
Looking ahead, Leopard predicts the rise of virtual firms will shake up the legal industry as they encroach on Big Law territory with alternative fee arrangements. The pandemic accelerated dissatisfaction with law firm partnership and policies. As generational divides grow, flexible virtual firms will keep gaining ground over more rigid large firms.
This engaging discussion unpacks the complex dynamics around law firm succession planning and existential threats posed by lack of preparation. As partners cling to power, can bold leaders emerge to implement creative solutions and secure these institutions' longevity? Tune in for an insightful examination of forces reshaping the legal landscape.
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Music: Jerry David DeCicca
Transcript
Text, Context, and SCOTUS' Textualism in Bostock - Andrew Koppelman and Sara Harris
Conversations on Race in the Legal Industry - Bryan Parker and Jonathan Greenblatt
The Georgia Copyright Trilogy… The Final Chapter
The Do's and Don't's of Virtual Conferences - Litera's Haley Altman and Alma Asay
Launching the Legal Value Network - Kristina Lambright and Purvi Sanghvi
Why Retention of Legal Talent Can't Be The Equivalent of a Coin Flip - Bryan Parker of Legal Innovators
Heidi Gardner and Brian Stearns: Remote Collaboration from Tools to Psychology
Let's Talk About Our Side Projects
Charlie Uniman - Failure is not the Ugly F-Word Lawyers Think It Is
A Chat About Chatbots and The Law With Katherine Lowry and Diego Alcala
What Should Law Firms Do To Prepare for a Possible COVID-19 Epidemic? With the ALA's April Campbell
The Innovative Concept of Legal Writing in Plain English
Nick Pryor and BCLP³'s Global Innovation Mission
Professor Steve Black on Cybersecurity in the Legal Market
Matt Sunbulli on Fishbowl's Entry into the Legal Industry Social Media Space
The Leadership Journey with Laura Toledo and Kevin Iredell
Ellyssa Valenti Kroski on Law Librarians in the Age of AI, and a Hamilton Escape Room
Professor Ben Barton on Fixing Law Schools
Deep Dive on State Copyright Issues with Kyle Courtney and Ed Walters
The AALL Animal Law Caucus: Acknowledging and Researching Animal Rights in a People-Centric World
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