The legal consulting firm Altman Weil surveyed over 300 US law firms with 50 or more lawyers in April and May 2015. Key findings of the survey relevant to succession planning:
- The planned (or unplanned) succession of Baby Boomer partners is a serious unresolved issue in many law firms;
- In most firms, partners aged 60 and control at least 25% of firm revenue yet only 31% of firms have a formal succession planning process in place; and
- Effective planning of the retirement of Baby Boomer partners is critical and must be resolved in the next 3-5 years.