Why Law Firms Keep Failing at Succession Planning and How to Get It Right
Succession planning isn’t a new topic, but it’s one that the legal industry continues to sideline. With a growing number of baby boomer lawyers nearing retirement, the need for intentional, well-timed transition strategies is becoming more urgent than ever.
As Michaela Krell, National Director at Life After Law, explains in a recent Canadian Lawyer Magazine feature, too many firms treat succession as a last-minute fire drill. By the time leadership begins to think about transitions, it's often too late.
“Often, it is out of necessity and reactive when succession planning does occur, and it can be too late,” says Krell.
Why Are Firms Falling Behind?
According to Krell, law firms often fail at succession planning for three key reasons:
- Risk aversion
- Lack of urgency
- Day-to-day distractions
Firms prioritize servicing clients and hitting billable hours, but neglect to address who will take the reins when senior lawyers exit. It’s not that leadership doesn’t care. It’s that they focus on bringing clients in, but they don’t focus on their lawyers going out.
Krell adds that it’s often external advisors who raise the alarm.
“Often, we are the ones approaching the firms saying, ‘Hey, you have a potential problem on your hands. Five of your seven partners are going to retire in the next three to five years. What are you planning to do about it?”
The Timeframe: 3–5 Years, Minimum
The biggest mistake? Waiting too long. Krell recommends starting succession conversations 3 to 5 years prior to a partner’s planned departure.
“At that point, the newer partners have had a few years to get to know the clients, establish the rapport and trust, and successfully take over the practice,” she explains.
When firms scramble with only months left before a departure, there’s little time to build trust with clients, and that’s when firms risk losing them altogether.
The Solution: Intentional Cohort Laddering
One of the more strategic ideas raised in the article is “cohort laddering,” a method of gradually introducing future firm leaders to client decision-makers, so both parties advance together. As senior counterparts retire, the next generation already has strong relationships in place.
It’s a proactive approach that prioritizes continuity over panic.
Firm Size Matters, But It’s Not the Only Factor
Krell notes that larger firms tend to have built-in systems that support succession, like student and associate programs, but even big firms aren't immune to gaps.
“Stuff can fall through the cracks, and it’s often pushed off,” she warns.
Meanwhile, solo and small firm lawyers may have a stronger understanding of their business operations but often lack the resources or time to execute a thoughtful plan.
Takeaways for Law Firm Leaders
If your firm hasn’t started the conversation yet, now is the time. Here are a few guiding principles to keep in mind:
- Start early.
Three to five years in advance gives enough time for meaningful client handoffs. - Be intentional.
Don’t default to the most senior person as the successor. Prioritize leadership skills, client trust, and strategic alignment. - Bridge the generational gap.
Introduce junior partners or successors early and involve them in key relationships and decision-making processes. - Don’t wait for a crisis.
Succession planning is a business continuity issue; treat it like one.
Need Help Building a Succession Strategy?
At Life After Law, we help firms build long-term strategies that go beyond recruitment. Whether you're navigating partner exits, succession transitions, or leadership development, our team brings the insights and support you need. Let’s Talk!
