Ronnie Fox has contributed a chapter to a new book published by Ark Publishing from Globe Law and Business, entitled: Succession Planning: Ensuring Smooth Transitions for Lawyers and Their Firms.
Successful succession usually encompasses two core elements: transitioning firm management to a new generation, and transferring client relationships. This book, to be published in February 2022 in both hard copy and digital form, provides guidance on how these two transitions can be achieved effectively from the perspectives of both individual partners and the firm. It also examines the plethora of issues involved in preparing for the departure of retiring partners and new leadership, including compensation, the role of diversity and inclusion, and financial considerations. It describes situations where more specific and specialised plans may be required, such as managing the succession of a rainmaker or when a sole practitioner sells their practice.
In the publication’s concluding chapter, Ronnie Fox shares his experience of having seen many lawyers and law firms struggle with retirement and succession issues. He outlines five underlying reasons why lawyers and law firms find it so difficult to deal with retirement and succession, offers five ideas to help lawyers address these challenges, and five solutions to these critical problems.
More details about the book, how to buy it and a pre-publication discount are available here.