2018 Law Firm Succession Planning Survey

Welcome

This short survey will serve as a planning tool to help law firms identify possible gaps in client coverage caused as a result of the firm’s aging partner population. Results from each survey will be tabulated and returned to the individuals filling out the survey. If you have multiple offices and you wish to have a separate report for each office, re-click the survey access button to invoke another form for completion.

We ask that a knowledgeable person in your firm complete this survey. It should take less than 10 minutes to complete, depending on the number of lawyers in your firm.

The data will be compiled into a confidential database managed by Lawrence Stiffman, Ph.D, MPH, Applied Statistics Laboratory, a survey research firm in Ann Arbor, Michigan.

Stephen P. Gallagher
Leadershipcoach.us
Narberth, Pennsylvania

Question Title

* 1. Please indicate those types of retirement plans currently available to partners/shareholders:

	Current Situation in my Firm	Previously used then dropped	Never applicable in my firm	Don't Know
No retirement set asides for partners	No retirement set asides for partners Current Situation in my Firm	No retirement set asides for partners Previously used then dropped	No retirement set asides for partners Never applicable in my firm	No retirement set asides for partners Don't Know
Traditional 401 (k) Plan	Traditional 401 (k) Plan Current Situation in my Firm	Traditional 401 (k) Plan Previously used then dropped	Traditional 401 (k) Plan Never applicable in my firm	Traditional 401 (k) Plan Don't Know
401 (k) / Profit-Sharing	401 (k) / Profit-Sharing Current Situation in my Firm	401 (k) / Profit-Sharing Previously used then dropped	401 (k) / Profit-Sharing Never applicable in my firm	401 (k) / Profit-Sharing Don't Know
Traditional Defined Benefit Plans	Traditional Defined Benefit Plans Current Situation in my Firm	Traditional Defined Benefit Plans Previously used then dropped	Traditional Defined Benefit Plans Never applicable in my firm	Traditional Defined Benefit Plans Don't Know
Cash Balance Plans	Cash Balance Plans Current Situation in my Firm	Cash Balance Plans Previously used then dropped	Cash Balance Plans Never applicable in my firm	Cash Balance Plans Don't Know
Pay/Buy outs over time	Pay/Buy outs over time Current Situation in my Firm	Pay/Buy outs over time Previously used then dropped	Pay/Buy outs over time Never applicable in my firm	Pay/Buy outs over time Don't Know

We set money aside for retiring partners in a different manner:

Question Title

* 2. Which of the following statements describes your succession
planning process currently in place?

We have a formal succession planning process in place. 

We have an informal / ad hoc process. 

We have no consistent process to address succession planning. 

We wait for partners to initiate succession planning. 

We are working on developing a succession plan.

No succession plan needed.

Other info here:

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* 3. How important are these stumbling blocks your firm has encountered in working through the issue of succession planning?

	Not Important	Somewhat Important	Very Important
Law firm seems to have too many more pressing issues.	Law firm seems to have too many more pressing issues. Not Important	Law firm seems to have too many more pressing issues. Somewhat Important	Law firm seems to have too many more pressing issues. Very Important
Senior partners don't want to retire.	Senior partners don't want to retire. Not Important	Senior partners don't want to retire. Somewhat Important	Senior partners don't want to retire. Very Important
Senior partners don't want to forfeit current compensation by transitioning client work	Senior partners don't want to forfeit current compensation by transitioning client work Not Important	Senior partners don't want to forfeit current compensation by transitioning client work Somewhat Important	Senior partners don't want to forfeit current compensation by transitioning client work Very Important
Partners are reluctant to commit to leave full-time practice.	Partners are reluctant to commit to leave full-time practice. Not Important	Partners are reluctant to commit to leave full-time practice. Somewhat Important	Partners are reluctant to commit to leave full-time practice. Very Important
Partners are hesitant about relinquishing client responsibility.	Partners are hesitant about relinquishing client responsibility. Not Important	Partners are hesitant about relinquishing client responsibility. Somewhat Important	Partners are hesitant about relinquishing client responsibility. Very Important
We don't have adequate mid-level partners to transition work to.	We don't have adequate mid-level partners to transition work to. Not Important	We don't have adequate mid-level partners to transition work to. Somewhat Important	We don't have adequate mid-level partners to transition work to. Very Important
Clients resist transition to different partners.	Clients resist transition to different partners. Not Important	Clients resist transition to different partners. Somewhat Important	Clients resist transition to different partners. Very Important

Other stumbling blocks:

Question Title

* 4. How important are each of the following in setting a succession plan in your firm.

	Not Important	Somewhat Important	Very Important
Equity partners are not sufficiently busy.	Equity partners are not sufficiently busy. Not Important	Equity partners are not sufficiently busy. Somewhat Important	Equity partners are not sufficiently busy. Very Important
Non-equity partners are not sufficiently busy.	Non-equity partners are not sufficiently busy. Not Important	Non-equity partners are not sufficiently busy. Somewhat Important	Non-equity partners are not sufficiently busy. Very Important
Growth in lawyer headcount is required to assure firm success.	Growth in lawyer headcount is required to assure firm success. Not Important	Growth in lawyer headcount is required to assure firm success. Somewhat Important	Growth in lawyer headcount is required to assure firm success. Very Important
Greater utilization of part-time and contract lawyers is needed.	Greater utilization of part-time and contract lawyers is needed. Not Important	Greater utilization of part-time and contract lawyers is needed. Somewhat Important	Greater utilization of part-time and contract lawyers is needed. Very Important
There is a need for fewer, not more, equity partners going forward.	There is a need for fewer, not more, equity partners going forward. Not Important	There is a need for fewer, not more, equity partners going forward. Somewhat Important	There is a need for fewer, not more, equity partners going forward. Very Important
We increasingly look to outsource legal work.	We increasingly look to outsource legal work. Not Important	We increasingly look to outsource legal work. Somewhat Important	We increasingly look to outsource legal work. Very Important
Underperformers need to be cut earlier.	Underperformers need to be cut earlier. Not Important	Underperformers need to be cut earlier. Somewhat Important	Underperformers need to be cut earlier. Very Important
Equity partners should turn over ownership rights on a designated date.	Equity partners should turn over ownership rights on a designated date. Not Important	Equity partners should turn over ownership rights on a designated date. Somewhat Important	Equity partners should turn over ownership rights on a designated date. Very Important
Partners should be able to move away from full-time practice according to their own timeline – coordinated with firm leadership.	Partners should be able to move away from full-time practice according to their own timeline – coordinated with firm leadership. Not Important	Partners should be able to move away from full-time practice according to their own timeline – coordinated with firm leadership. Somewhat Important	Partners should be able to move away from full-time practice according to their own timeline – coordinated with firm leadership. Very Important

Question Title

* 5. How concerned are you about the firm’s:

	Greatly Concerned	Somewhat Concerned	Not Concerned
Preparedness to deal with retirement of so many lawyers in the next several years	Preparedness to deal with retirement of so many lawyers in the next several years Greatly Concerned	Preparedness to deal with retirement of so many lawyers in the next several years Somewhat Concerned	Preparedness to deal with retirement of so many lawyers in the next several years Not Concerned
Transition of clients to younger partners	Transition of clients to younger partners Greatly Concerned	Transition of clients to younger partners Somewhat Concerned	Transition of clients to younger partners Not Concerned
Quality of your younger lawyers	Quality of your younger lawyers Greatly Concerned	Quality of your younger lawyers Somewhat Concerned	Quality of your younger lawyers Not Concerned
Paying out aging partner population	Paying out aging partner population Greatly Concerned	Paying out aging partner population Somewhat Concerned	Paying out aging partner population Not Concerned
Willingness to invest in the future	Willingness to invest in the future Greatly Concerned	Willingness to invest in the future Somewhat Concerned	Willingness to invest in the future Not Concerned
Interest in involving younger partners in the succession planning process	Interest in involving younger partners in the succession planning process Greatly Concerned	Interest in involving younger partners in the succession planning process Somewhat Concerned	Interest in involving younger partners in the succession planning process Not Concerned

Your concerns here:

Question Title

* 6. Does the law firm have a mandatory retirement age in place where
ownership rights go back to the firm?

Your comments:

Question Title

* 7. If yes,what is that age?

Comments:

Question Title

* 8. Please check each of the following statements if it applies to your firm:

Does the firm encourage partners to develop succession plans for each retiring partner that reflect partner, firm,and client perspectives?

Is the firm looking for better ways to handle succession planning?

Has the firm discussed succession planning with all partners in order to reach consensus on what the firm’s approach should be?

Has the firm designated a partner or partners in leadership who will work one-on-one with senior partners to structure his or her succession plans?

Has the firm set a consistent timeframe for when retirement conversations should begin and how long a phase down period should be?

Does the firm already include succession planning as part of its strategic planning initiative?

Is succession planning a business priority for the firm?

Is the firm open to involving mid-career partners in succession planning?

Comments:

Question Title

* 9. Contact Information

Law Firm Name

Office Address

City/Town

State/Province

ZIP/Postal Code

Person completing this survey

Email Address

Phone Number

Question Title

* 1. Please indicate those types of retirement plans currently available to partners/shareholders:

Question Title

* 2. Which of the following statements describes your succession planning process currently in place?

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* 3. How important are these stumbling blocks your firm has encountered in working through the issue of succession planning?

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* 4. How important are each of the following in setting a succession plan in your firm.

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* 5. How concerned are you about the firm’s:

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* 6. Does the law firm have a mandatory retirement age in place whereownership rights go back to the firm?

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* 7. If yes,what is that age?

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* 8. Please check each of the following statements if it applies to your firm:

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* 9. Contact Information

Question Title

* 10. Feel free to comment on this issue. Thanks for taking the time to help us help you.

* 2. Which of the following statements describes your succession
planning process currently in place?

* 6. Does the law firm have a mandatory retirement age in place where
ownership rights go back to the firm?