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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