I was recently asked to make a prediction about law firms for 2016. What do you suppose I predicted?
I doubt you would guess it because I may be one of the few people who see that it is happening.
So, with that here’s what I predicted:
In 2016 law firms will experience greater problems with succession as more baby boomer lawyers retire or slow down and fewer junior lawyers have been trained, coached, mentored on the client development skills necessary to take their place.
I think it’s a big issue. Before I left my law firm, now 11 years ago, I mentioned to our leadership that all but one of the top lawyers in our firm were over 55. I was friends with many of them and I knew that some of them had not saved for their retirement.
At the same time I suggested that the firm have me coach our brand new partners and present programs to others on client development. As you know that led to what I am doing now.
Last year I wrote briefly about this issue. See: Light My Fire: Motivating and Developing Your Next Generation and What’s Wrong With Many Law Firm Partners?
Some firms started years ago by lawyers my age are developing the next generation of rainmakers. Other firms don’t seem to care what happens to their firm after they are gone. I hope your firm is the first type not the second.
In 2016, I will be coaching more lawyers than I coached in 2015, so it seems more firms are thinking about this.
I posted the first blog referenced above the day I was giving the Light My Fire presentation. If the subject of business succession interests you, take a look at the Prezi slides from my presentation.