For some lawyers, having a “life after law” is inconceivable. Prior to the pandemic, surveys showed that a substantial majority of lawyers were not prepared for retirement, but instead had no intention of ever stopping work. That attitude has shifted for many lawyers, however, spurred by the shock of the pandemic and the impact it had on daily life. Some have reassessed their life priorities and may see a future beyond law, whether it is in another field or in enjoying retirement.

Retirement can be the cherry on top of a successful career and can open the door to new, exciting opportunities. But without proper planning, the lawyer, law firm and clients can all suffer. Years of hard work and careful thought went into a building a practice. The same dedication should be used when approaching retirement.

Benefits of a Succession Plan

Some lawyers are hesitant to even consider succession planning because of the implication that they are replaceable. The idea for some is that their practice necessarily ends at retirement and that planning for succession somehow weakens the lawyer’s relationship with clients. That does not have to be the case. Succession can ensure business continuity and growth for both planned and unplanned events. When done properly, a succession plan benefits the individual lawyer, clients, colleagues, and the law firm.

Succession plans are not only helpful for unexpected events or for permanent retirements. They also can be quite effective and useful for building teams that support ongoing client relationships. That is helpful for when a lawyer takes a vacation or sabbatical or has to take extended sick leave. Even for lawyers who have a key role in their client relationships, having support helps ensure that clients can continue to be served even when the lawyer just needs a little time off.

Indeed, succession planning may be on the minds of clients, whether they directly say so or not. If it is, it can give clients peace of mind to know that their preferred lawyer has an adequate support network available to provide ongoing services, even where no retirement is imminently planned, as it shows that the client’s needs can still be met regardless of an illness or other unexpected event. Similarly, introducing potential long term successors to clients presents an opportunity for lawyers and law firms alike to demonstrate their continued commitment to superior client services as well as to ensure continuity in the future. This adds value to client relationships and may also increase client loyalty (and can provide helpful mentorship opportunities).

Tips for Implementing a Plan

There is no bright-line rule on how lawyers can implement their succession plans. It can be done formally or informally, internally or externally. However, most succession plans require some collaboration to outline who will take over various roles, responsibilities, and client relationships years before it is set to happen. The implementation of a succession plan not only involves the decision on transferring a client relationship, but also ensuring that the transfer of knowledge happens early on—the details about key clients, the core values of the culture, the client’s plan for the future, and the wisdom that comes with experience.

Lawyers who choose a more formal approach can consider drafting a formal succession plan that that provides the trigger event(s), how long the plan or agreement would remain in effect after the trigger, the scope of the successor’s responsibility, and a list of the successor’s duties. It also could describe what steps will be taken to introduce clients to the successor to ensure that the client is comfortable with the new attorney.

A less-formal approach may involve lawyers introducing their successors to clients and allowing them direct access to the clients in order to build trust and confidence in the successors over a longer period of time. This supports a more organic transition.

There are many options in-between. How a succession plan is implemented comes down to what works best for a particular lawyer, the lawyer’s practice, and the clients involved.

Be a Strong Mentor

Succession plans also provide built-in opportunities for mentorship. Some of the most important components of a lawyer’s development from junior associate to senior partner come from mentoring and sponsorship opportunities.

Succession planning is the product of careful planning over time and typically involves senior lawyers identifying, cultivating, and supporting junior lawyers who demonstrate certain leadership capabilities and legal acumen. Identifying the right successor for a particular lawyer’s practice also opens the door for law firms to advance their diversity and inclusion goals.

It is also important for the transitioning lawyers to facilitate the handoff. Thus, taking the time to groom a potential successor ensures the senior lawyer’s legal skills will be imparted on the successor. The senior lawyer and law firm can also feel confident knowing the successor has taken the time not only to learn the practice area thoroughly, but to understand the nuances of the clients’ needs.

Along with engaging senior lawyers in constructive strategic planning and succession planning discussions, it is equally important to develop the next generations of lawyers who will work together with their more senior partners to transfer important assets and maintain the scope and quality of practices and services the previous generation has built. Actively seeking mentorship opportunities is even more important while lawyers are practicing law from home, which may dampen organic opportunities for friendships and mentoring relationships to develop.

One component of a succession plan is certainly to aid in the success of the next generation of lawyers. However, it is by no means an entirely selfless endeavor. Many lawyers lament the inability to maintain a work-life balance or to take time off. For lawyers hoping to ease into retirement over an extended period of time, strong succession planning can ensure that they can gradually scale back their practice while others step in to fill the void. Done right, there can be a seamless transition that allows lawyers to ride into the sunset on their own terms.