Succession planning for Corporate law firms: preparing senior associates for the partner track and covering key relationships
When a senior partner retires or moves, the clients and the know-how go with them unless others have been prepared. Succession planning names the people, the relationships and the steps that make a partner.
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Share your requirementsWhy succession planning matters in corporate law firms
Many firms depend on a few rainmakers. Clients are handled personally, files are in the partner's head and associates seldom meet client heads. When the partner steps back or leaves, work walks out. Associates see no clear route to partner, so strong ones leave for firms that offer one.
Succession planning looks at which relationships and practices matter most, who might take them on and what each person needs. It lays out the partner track in writing, shares client exposure earlier and prepares for scenarios such as a partner leaving suddenly. It also helps the firm decide where to hire laterally.
How to set it up
1. List key relationships and practices
Note which clients and practice areas depend most on named individuals, and what the exposure would be if one left.
2. Name possible successors
For each, one or two senior associates or partners who could grow into the role, plus the gaps to close.
3. Write the partner track
Describe the skills, client contribution and business development looked for, and how decisions are made. Share it with associates.
4. Share client exposure gradually
Put successors in client calls, ask them to lead small mandates and introduce them to client heads. The succession planning page explains our method.
5. Review once a year
Check who has grown, who has left and whether the plan still fits the firm's direction.
Check these first
Before changing anything, find out what is true today. These take an afternoon and use your own records.
- List the three clients that would be hardest to keep if their partner left.
- Ask senior associates whether they know what partnership requires.
- Check who attends client calls beyond the partner.
- Note any partner within a few years of stepping back.
GullyHR can do this with you. Read how we approach succession planning in general, or share your requirements and we will tell you where to start.
Questions owners ask
No promise is needed. A written description of the track and honest feedback on progress is more useful, and respects that outcomes depend on the firm's needs.
As early as the partner is comfortable, starting with calls and small mandates. Clients take time to trust new faces.
Say so openly, and create other senior roles, such as principal associate or counsel, with a real scope. Hiding the position drives quiet departures.