The Top 5 “Best Practices” in Client Succession: Baby Boomer Lawyers Are Retiring in Record Numbers!

In the best interests of valued clients and contacts, retiring lawyers need to create a transition/succession plan and implement it starting approximately three to five years before their planned retirement date.

1. Start from the “bottom” up, i.e. download all the retiring lawyer’s clients and contacts, and rank the most important clients and referral sources.
2. Armed with the list above, a firm leader and a firm staff member (who should be assigned responsibility for regularly following-up with the retiring lawyer), meet with the lawyer to discuss the client/contact list, and if not already done, rank the most important. Or, the retiring lawyer can and should do this themselves.
3. Review the most important clients/contacts, discuss “bench” (i.e. who the retiring lawyer has in mind to “take over” the relationship).
4. Discuss and determine next steps, i.e. is there an important referral sources who does not know anyone else at the firm? Should an introductory meeting be set-up, etc.
5. Make sure the above is in writing, along with names, next steps, and follow-up dates. The firm staff member, leader, or retiring lawyer should schedule weekly, monthly, and/or quarterly check-in meetings to ensure a smooth and effective transition.

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6 Best Business Development Practices for (New) Partners©

For most lawyers, being or becoming a rainmaker/business developer takes consistent discipline, strategic focus and effort. Below are 6 Best Practices to ensure you have a steady stream of work throughout your career.

1. Determine how you define a successful career practicing law by asking yourself what, upon retirement at the end of your career, you want said about you by your clients/colleagues.
2. Decide what annual dollar figure you need or have in mind regarding the amount of new business you would like to bring in each year on average (from external and/or internal sources as appropriate).
3. Assess how motivated you are to develop new business and determine what level of self-discipline you are willing to impose upon yourself to attain your new business objectives.
4. Review what has worked for you in the past. If you have developed new business/work/cases in the past, from whom did they originate? Internally from a firm lawyer/partner? Externally from a referral source/friend/family member, or from a law school classmate? From other sources beside these? Have you been in touch with those clients/people recently?
5. Inventory all your clients and contacts and save them all in one place, such as in Outlook contacts. Make sure to include all past clients, even if it was just a one-off case or matter. In addition, be sure to include anyone who has referred to you (or tried to) in the past.
6. Schedule time each week to set aside, review your clients/contacts, and make a concerted effort to reach out to and stay in touch with each in a sincere, proactive, value-added, and/or useful manner.

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