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Using Law Practice Management Software To Help Create A Succession Plan

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Retirement of a senior partner can be a major blow to a firm. The practice loses a source of legal wisdom, and clients are unhappy with the loss of a familiar face. In order to prepare for a smooth transition, firms must use the latest tools, including law firm accounting software and law practice management software, to create a strategic plan to handle succession.
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  • Added: May, 25th 2011
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  • Pages: 3
  • Tags: law practice management software, law firm accounting software, law firm management software
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  • Username: lexis nexis
  • Name: lexis nexis
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Using Law Practice Management
Software To Create a
Succession Plan
etirement of a senior partner can be
Law firms that don't
a major blow to a firm. The
have a succession plan risk
Rpractice loses a source of legal

wisdom, and clients are unhappy with the
losing clients when a
loss of a familiar face. In order to prepare for
senior partner retires. A
a smooth transition, firms must use the latest
tools, including law firm accounting
succession strategy that
software and law practice management
incorporates law practice
software, to create a strategic plan to handle
management software and
succession.
law firm accounting
Define Partner Roles
software allows a practice

The first step in creating a succession plan is
to weather the change
to document the roles and responsibilities of
with a minimum of
each of the partners. When a partner exits the
practice, it becomes obvious what gaps will
disruption.
appear in the firm and the other partners can
formulate a plan to redistribute these roles to
www.lexisnexis.com

!
existing partners, or to find someone to fill the position.
The duties laid out on paper may not be how the firm
actually operates. Law practice management software can
Law firm
be helpful in this aspect because it tracks each attorney's
workload and ensures the defined roles are accurate. If a
accounting

partner frequently operates outside of defined limits,
software gives
either the partner needs to be corrected or the roles need
to be redefined. In either case, an accurate picture of the
the partners
division of labor in the practice will make succession
planning easier.
detailed
reports on how
Scout New Leaders
individual
Many firms choose to recruit new partners after finding
out a current partner is leaving. If no suitable talent exists
attorneys are
within the practice, they are left to compete for the free
agents in the job market or at a competing firm. This is a
performing,
shortsighted and inefficient method.
showing who
Instead, law practices should be scouting for new partners
is getting more
from within their ranks. Grooming today's junior attorney
to be tomorrow's partner is a process that can take six to
done with less,
ten years, so it needs to be started well in advance. Law
firm accounting software gives the partners detailed
and how much
reports on how individual attorneys are performing,
revenue is
showing who is getting more done with less, and how
much revenue is being generated for the organization.
being
Law practice management
software allows senior
generated for
attorneys to easily
the
delegate duties to
these rising stars,
organization.
giving the junior
attorneys the skills
they will need to
later succeed as a
partner.
www.lexisnexis.com

!
Compensation and Retirement Plans
Successful compensation plans reward existing attorneys
for delegating their duties appropriately, which leads to
In order to
more efficient operation, better training throughout the
firm and building better client relations. Law firm
prepare for a

accounting software tracks compensation and
productivity, showing who is meeting company goals.
smooth
Retirement plans assist partners in the transition between
transition,
active work and eventual retirement. It is common for
firms must
"retired" partners to continue to provide services to the
firm to help with the transition and with client retention.
create a
Law practice management software tracks these activities
to ensure all parties are getting the most out of the
strategic plan
arrangement.
to handle
As part of a firm's succession strategy, all
succession.
of these processes -- the defining of
partner roles, grooming of new talent and
review of retirement and compensation
plans -- should be analyzed and updated
annually so they always reflect the current state of the
firm. Where possible, these processes should be
integrated with the organization's law practice
management software for ongoing tracking and
evaluation of the various elements of the succession plan.
LexisNexis® is a developer of law
practice management software and law
firm accounting software, providing
tools that assist law firms in making
strategic decisions that facilitate
succession planning and other activities.
www.lexisnexis.com

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