2022 Bright Insight

SUCCESSION PLANNING Last year, 54% of firms indicated they had either a formal or informal succession plan in place for retiring attorneys. That number rose to 63%

in this year’s survey, suggesting that firms are now more focused on succession planning than ever to assure the continuity of their client relationships transferring to the younger generation of attorneys. Respondents indicated that they are also increasingly including younger attorneys in the succession planning process, coordinating with retiring attorneys and developing relationships with their clients to help pave the way for smooth client transitions to the next generation. In last year’s survey, 66% of respondents said that they include their younger attorneys in succession planning discussions, at a minimum, or fully integrate them into the process. This year, that number rose to 73%. As a side benefit, having a true succession plan for retiring attorneys is another recruiting tool that firms are utilizing to attract lateral and young talent to the firm as they know they will be a part of the future success of the firm.

Does your firm currently have a succession plan in place for retiring attorneys?

63% have a succession plan for retiring attorneys

Due to COVID-19, we are completely rethinking our firm’s succession planning 3%

Other 3%

No, we do not have a plan 10%

Yes, but the plan is not formal or mandated at this time 40%

Somewhat, we are working on it 21%

Yes, we have a formal plan that is closely coordinated 23%

Other 2%

How are you integrating the younger generation of attorneys into succession planning?

They are not engaged in succession planning at this time 25%

They are engaged in discussions and coordinated with retiring attorneys, including introduction to clients early on 43%

73% involve younger attorneys in succession planning

They are engaged in discussions, but not fully integrated with clients early on 30%

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The 2022 National Legal Sector Benchmark Survey Results