It has become a tradition here at Van Osdol & Magruder that we have an annual firm retreat, and this year was no different. This year one of the biggest topics for discussion was that of succession planning. Succession planning centers on both internal and external issues. With internal issues, the attorneys review the plan for the succession of leadership positions within the firm and determine whether our current structure and numbers are providing the most efficient and effective services for our clients. With external issues, we discuss and plan for the transition of clients as the primary attorney for that client begins to wind down his or her practice. This yearly review, and necessary modifications as necessary, is something that every business should do now as opposed to waiting and reaching a problem.
Strategic planning is critical to every company’s future success and succession planning is a key component of any strategic plan. An effective long-term strategy should consider owners/partners/directors roles and responsibilities; leadership development; compensation and retirement. By clearly defining the roles and responsibilities of key players now, a strategic plan can set the roadmap for continued future success. Each owner/partner/director will have a distinct picture of what his or her responsibilities are and can provide valuable mentorship for the company’s future leaders. A company, along with providing mentorship for these future leaders, should also develop the next generation to protect and maintain the company’s current clients and to secure future relationships.
