When a partner makes the decision to leave a law firm, it can be difficult for the remaining partners and staff to adapt to the change. The departed partner may have been a major contributor to the firm’s success, and their departure can leave a void in the business. Prior to events like this happening, it’s useful to have a plan in place for a law firm partner departure scenario.
In 2021, the rate at which staff were leaving Am Law 100 firms was up to 27%, 11% higher than the previous average. With this increased amount of staff or attorneys leaving, understanding a law firm partner departure procedure can save your firm a lot of downtime and lost revenue.
Navigating an Efficient Law Firm Partner Departure
There are ways of making the transition more manageable for both the law firm losing the partner, and the partner who’s leaving. Some of the tips for doing so are as follows:
1. Keep Communication Open – Open communication among the remaining partners and staff during this time of transition is crucial for avoiding confusion and misinformation. They need to be able to rely on each other to make decisions about the future of the firm. The message communicated about the departing partner should remain professional, and questions about the process moving forward should be addressed promptly.
2. Work With the Departing Partner to Organize Information – It’s important to get as much information regarding remaining clientele from the departing partner as possible to avoid any disruptions in business. This includes understanding what their clients’ needs are, what type of work they’re expecting, and how best to contact them. If possible, have the departing partner conduct an overview with staff on their clientele so there’s a smooth transition of service.
3. Don’t Try to Do Everything Yourself – When a partner leaves, it’s tempting for the remaining partners to try to do everything themselves. To avoid burnout, it’s essential to delegate tasks so that everyone can continue to work effectively. This includes both daily tasks and larger projects that need to be completed.
4. Review the Business Plan – After a partner leaves, it could be a great time to review the business plan to see if there are any changes that need to be made. This is also an opportunity to set new goals for the firm and determine how best to achieve them. For the best chance of success, be open for suggestions from all staff members on ways to improve the firm.
5. Keep Client Information Protected – During the transition process, it’s vital for the privacy of your clients that their information and files are kept protected. This includes both physical and digital files. Make sure that only authorized staff members have access to client information, and that if files are being transferred to the departing partner, they’re kept protected and confidential.
Stasmayer is Here to Make the Transition Easier
Dealing with a law firm partner departure can be a stressful and complex process. Having a plan created prior to an event like this happening can reduce the risk of potential issues and inconveniences. Stasmayer can help your firm with the transition process by making sure IT systems and sensitive data are protected during the transfer.
Our team of experts has the knowledge and experience to keep your business running smoothly and operating efficiently. Contact us today to see how we can make your firm more productive.