Law Firm Succession Planning Survey 2011
Altman Weil principals Alan Olson and Eric Seeger conducted a survey on Law Firm Succession Planning in May 2011. Participating law firms reported that, on average, 39% of their partners will retire in the next ten years — and those partners control 50% of their firms’ revenue. Three quarters of responding firms believe that lawyer succession planning is a “critically important” issue in their law firms. However, 84% report that they do not yet have a formal succession plan in place.
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