Succession Planning: How is Arizona Evolving?
I recently revised my estate planning documents and while it’s a necessity, planning for the future is never an easy task. Likewise, if you’re an attorney in private practice, you should be creating a succession plan for your firm or inquiring if there is one in place.
With this impacting the majority of Arizona’s attorneys, you would think succession planning wouldn’t be a hard sell; however, time and again, we see this deficiency in the legal market. It’s no surprise, the Arizona Supreme Court spoke to this concern in 2016, and now, firms are obligated to create a succession plan. Concurrently, HGB increasingly acts as a resource, consulting with attorneys and firms, in this regard.
If you keep the bigger picture in mind, succession planning is greatly beneficial – it considers the longevity of firms, compels firms’ leaders to focus on their future growth, and the development of their younger talent. For instance, implementing mentoring for more junior attorneys to ensure they learn the skills to build their business, as well as assisting them in developing relationships with existing clients are critical aspects of succession planning. Firms may also need to consider merging with other firms, in which case, planning ahead will assure a more successful transition.