One area of challenge for small law firms, as cited in a recent survey in the Thomson Reuters piece entitled 2016 State of the U.S. Small Law Firm Study, is the looming issue of succession planning. Based on the Thomson Reuters survey, approximately 82% of the surveyed firms concerned about succession have not taken any steps towards creating a succession plan. But succession planning is also a big issue for large law firms. Various reports and studies focused on the large law firm segment of the market indicate that many large law firms don’t have succession plans.Read More
