Law firm succession planning: Jamie Diaferia and Andrew Longstreth write for Bloomberg Law on why messaging matters
March 19, 2021
In a recent contribution to Bloomberg Law, CEO Jamie Diaferia and Head Writer Andrew Longstreth outline the keys to successful law firm succession planning and discuss how early strategizing and having clear and transparent internal and external messaging are important to the communication process.
Following the Great Recession of 2008, new litigation shops sprouted wildly. From September through October 2009, 114 partners left the Am Law 200 to launch their own firms or join smaller ones.
More than a decade later, many of those firms have elbowed their way into enviable market positions. They’ve grabbed high-profile work and attracted some of the best and brightest lawyers in the country. But while models for successfully launching a firm abound, examples of firms surviving their founders to become successful institutions are harder to find.
This lack of success over generations should not be surprising. Law firm leadership succession has always been fraught, but it is especially thorny when it involves a founder—particularly one of renown. Pride and ego can be formidable barriers.
Continue reading on Bloomberg Law here.