Client Transitioning & Rainmaker Succession
In the majority of law firms today, partners aged sixty and older retain primary responsibility for client relationships and for the billing of those clients’ matters. These clients often represent over fifty percent of a firm’s revenue base which can pose a significant risk to firms if the senior partners do not begin to transition these relationships to successors well before they retire.
We advise managing partners and others in management to identify senior rainmakers and clients that pose potential risk to firm revenue or relationship continuity. We then work with senior rainmakers to devise annual client succession plans, including the identification of successors and discussions with clients to be sure the transitions are going smoothly. Finally, we support senior partners as they explore alternative ways to use their professional skills and find new opportunities.