Hot topic: succession planning
According to recent research, many lawyers are not yet prepared for retirement and 55% expect to continue working beyond the age of 65.
According to research recently carried out by Investec Private Banking, many lawyers are not yet prepared for retirement and 55% expect to continue working beyond the age of 65.
We discussed the issue of succession with Michelle Garlick, Partner and Head of Compli, as part of our '60 seconds with...' feature for this week's newsletter:
Michelle, were you surprised at the results of Investec's research?
Succession planning continues to plague the professional and, in our experience, very few firms are prepared for all contingency events. It is also important to remember that this process extends beyond preparing a business continuity plan. Firms must also ensure that any constitutional documents such as partnership or members' agreements provide for the various eventualities and that policies on recruitment and promotion, amongst others, do not serve as a deterrent. In addition, a sustainable business plan is essential. For advice on how to secure the future of your firm, please contact us.