LSAG Legal Briefs - Vol 2

be completely reorganized in the next decade 10 . The lawyers stepping into partner roles today will be among the firm leadership navigating the changes to the firm’s business structure that happen in the 2020’s to the next decade and generation of lawyers. Succession planning has always been part of every business’ strategic planning process, but it is acutely important to today’s law firm given the wave of demographics begetting change. This is so apparent that the American Bar Association has recently dedicated an entire resource section on its website to the topic of succession planning. Law firms that are proactive and thoughtful about the future will have an advantage in retaining important clients and top-performing talent. Given the fast- changing nature of the legal landscape and the relative age of many current equity partners, now is the time for planning and intentional action.

now identify making partner as important ranking on a scale of 1 to 10 on importance as a low 7th ranking. Development of succession plans should be tailored by leadership to the needs of current and near-future partners to ensure an environment that identifies and retains the most valuable team members. In fact, firms are adapting the way they interview young lawyer candidates today, focusing more on their personal goals, work life balance, and overall focus on potential new lawyer candidates being more well-rounded. Changing realities: The nature of business—including the business of law—is changing at a rapid rate we have never seen before. What used to take ten years to change is now happening in two to three years with technology adapting at lightning speed. Significant changes are on the way for traditional partnership structures with nearly half (47%) of Bright Insight respondents indicating the traditional partnership structure will

ENDNOTES 1 Nellie Andreeva, “‘Succession’ Hits Series High Ratings In Season 2 Premiere On HBO,” //deadline.com, (August 12, 2019). 2 Cushman & Wakefield, Bright Insights: The 2019 National Legal Sector Benchmark Survey,

conducted in partnership with ALM Legal Intelligence and LAW.COM. 3 According to Pew Research Center analysis of U.S. Census Bureau data. 4 Bureau of Labor Statistics, Current Population Survey.

5 Karen Sloan, “Law Class of 2018 Notches Highest Legal Employment Rate in a Decade,” //www.law.com/ americanlawyer/2019/04/29/law-class-of-2018-notches-highest-legal-employment-rate-in-a-decade, (April 29, 2019). 6 Bureau of Labor Statistics, Current Population Survey. 7 2019 Citi Hildebrandt Client Advisory, // www.privatebank.citibank.com/home/fresh- insight/citi-hildebrandt-clientadvisory.html (December 11, 2018). 8 Cushman & Wakefield, Bright Insights: The 2019 National Legal Sector Benchmark Survey, conducted in partnership with ALM Legal Intelligence and LAW.COM. 9 Cushman & Wakefield, Bright Insights: The 2019 National Legal Sector Benchmark Survey, conducted in partnership with ALM Legal Intelligence and LAW.COM.  10 Cushman & Wakefield, Bright Insights: The 2019 National Legal Sector Benchmark Survey, conducted in partnership with ALM Legal Intelligence and LAW.COM.

24 | Legal Sector Advisory Group | ADVISING FOR EXCELLENCE