We are in a frenzy of lateral law firm partner movement.
Much has been written about the spate of movement during the opening weeks of 2012. But too little has been written about the steps partners should be taking in planning on a move. Less has been written about what a law firm should be doing when a partner begins planning a move, whether voluntarily or less so.
As the economy continues to roil and partners and law firms seek to gain solid footing in these shifting sands of the continuing aftershocks of The Great Recession – or the second dip of a double dip recession – current traffic patterns suggest that we may be seeing yet a new wave of partner movement in the months to come.
Transitions are always disruptive. The loss of a partner to a law firm may be desired or not. A partner may be making a transition because of better opportunities or because he or she is shown the door. But in all instances careful planning and candid and open discussions by all affected with lessen the disruption.
Thus, the process of these transitions must be the subject of careful planning, with a strong modicum of candor and honesty. Law firms do not want the loss of an important partner result in a cascading effect, with other important partners seeking alternatives as management mishandles a partner departure. Partners planning on a new life must proceed with adequate planning, sure footing and detailed aforethought.
Here’s how to get there.
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