Succession Planning and Consultants
Succession planning is a challenge for any law firm. As a leader of your firm, you need to make sure that the right people are in charge and ready to take on responsibility when you’re gone. But how do you know who those people are? And how do you know if they’re even interested in being promoted? These are just two questions among many that lead to one conclusion: Succession planning is a difficult task.
In this article, we’ll discuss why succession planning can be such a challenge for law firms, what happens when it isn’t done well (including some disastrous results), and finally how an outside consultant can help with these issues.
The Challenge of Creating a Succession Plan
Creating a succession plan is a challenge in and of itself. However, it’s also important to create an effective succession plan that will help you get the most out of your firm.
Here are some tips on how to create an effective succession plan:
- Work with a consultant. Consultants can help you develop strategies for ensuring that your law firm continues running smoothly after you leave or retire from it. They’ll know exactly what steps need to be taken in order for this process to work out as planned and they’ll make sure those things happen smoothly.
- Figure out who should take over once someone leaves/retires. If someone has been working at the firm since its inception many years ago then chances are good that he or she knows everything about what goes on behind closed doors during business hours every day; however, this may not always apply when talking about younger staff members who were hired more recently but still want their voices heard when making decisions regarding future plans.
Consultants Can Help With Succession Planning
If you’ve been struggling with succession planning, a consultant can help.
Many law firms have found success by working with an outside consultant to create a succession plan and track data that will make better decisions possible. A consultant can also help find the right successor for your business or practice area. If you’re not sure what kind of consultant to look for, start by asking your peers. You may be surprised at how many lawyers have used a consultant and how helpful it was. Also, ask friends and family who are in business about their experiences with consultants.
The Challenge of Finding the Right Consultant
The challenge of finding the right consultant is not a new one. As you may know, there are many types of consultants out there: management consultants, technology consultants, accounting and financial consulting firms… The list goes on.
It’s important to choose a consultant who understands your business and industry needs as well as your legal practice area. You also want someone with whom you feel comfortable working, someone who listens carefully before making suggestions or providing recommendations for improvement.
The Challenge of Tracking Data and Making Better Decisions
Tracking data is a challenge for most law firms. The reason is simple: it’s difficult to organize and manage the information you need in order to make smarter decisions and improve your business.
Law firms have traditionally relied on spreadsheets or Word documents as their primary tools for tracking client data, but these solutions are not only inefficient but also lack transparency and visibility into important details like billing rates or profitability per client. A CRM (Customer Relationship Management) system helps overcome these issues by providing a central location where you can easily access all relevant information about each client; from contracts and invoices to correspondence history in one place. You’ll also be able to use the reports generated by your CRM software as a tool for making better decisions about how best to grow your firm. Runsensible is a SaaS-based CRM solution designed specifically for law firms. It’s easy to use and comes with all the features you need to manage your client base, including an Easy-to-use forms builder – Customizable workflows – Time tracking & billing support.
Conclusion
Succession planning is a difficult responsibility and you can ask a consultant for help in case you run into any trouble. A good consultant will help you create a plan to ensure the continued success of your firm and make sure that everyone knows their role in it. They’ll also keep track of data so that you have more information about what’s going on within your company than ever before!
FAQ
1. How much does a succession planning consultant cost?
Consultants use different methods (hourly, project-based, etc) to charge clients. However, they mostly use the hourly rates method. Here you can read more about consultation fees.
2. How long do I have to keep working with a succession planning consultant?
Once you hire a succession planning consultant, they become a part of your company. This is because they need to stay with you and be there whenever something out of the ordinary happens. This allows them to help you manage dire situations and keep the success train on its tracks.
3. What should I do when an important asset of my company retires or leaves?
Clients tend to lose their faith and trust in law firms when a partner or a leader of the firm leaves the company or retires. Read our post “How to Retain Clients When a Partner Leaves” to gain a more in-depth perspective on dealing with such a situation.