Walker Clark
Worldview Archives
At the Crossroads
Around the world, many first-generation law firms have reached a pivotal juncture. Their founders—now in their fifties or early sixties—are beginning to contemplate retirement and the future of the practices they built.
Without a well-informed and realistic plan, a successful legacy can quickly dissolve once the founder steps away.
The Succession Balance
First-generation law firms face a special challenge when planning and managing the transition of the firm from the founding partners to the "next generation.”
How strong is your bridge to the future?
We expect to see an unprecedented number of law firms go through their first generational transition of leadership between now and the mid-2020s, as founding partners retire and the next generation assumes leadership of the firm.
This will not be a smooth transition for many small and midsize law firms, especially in emerging and recently emerged legal markets in Asia, Africa, and Latin America.
