Building a Lasting Legacy: Empowering Organizations through Strategic Succession Planning
July 27, 2023
[New York, NY, July 27, 2023] – Today, Leopard Solutions is thrilled to announce the release of an innovative report titled “Building a Lasting Legacy: Empowering Organizations through Strategic Succession Planning.” This report, authored by Laura Leopard, Founder and CEO of Leopard Solutions, sheds light on the critical issue of succession planning within organizations, focusing on the legal sector.
Succession planning is vital to organizational management, ensuring a smooth leadership transition and empowering the next generation of professionals. However, many organizations, including top law firms, need help implementing effective succession strategies. The report highlighted possible challenges and presented thought-provoking insights and recommendations.
Several key findings in the report emphasized the urgent need for strategic succession planning. It reveals that the legal industry is witnessing a concerning distribution of partners, with a notable concentration of senior partners nearing retirement age. This situation hampers recruitment and retention efforts as mid-level partners and associates seek alternative opportunities for career advancement.
“The rise of non-equity partnership structures has permanently shifted the goalposts for equity partnership, leading to dissatisfaction and potential attrition among promising legal professionals, said Laura Leopard, Founder and CEO of Leopard Solutions, “the impact of prolonged timelines for partnership attainment and the lack of work-life balance are turning Millennials and Gen Z away from partnership.”
By analyzing comprehensive data on partner exits and returns in the legal industry by Leopard Solutions, Laura noted the alarming rate at which tenured lawyers in the mid-career group are leaving top law firms. These departures can be attributed to a growing need for aligning leadership practices with changing expectations and evolving preferences among different generations. Additionally, her paper explores the detrimental effects of an insufficient focus on work-life balance, inadequate opportunities for advancement, and a reluctance to retire on law firms’ overall success and sustainability.
Legal industry leaders should proactively address these challenges and embrace strategic succession planning to secure their organizations’ long-term growth and success. By passing the baton to the next generation of leaders and fostering a multigenerational management approach, firms can create a culture of empowerment, retain top talent, and adapt to the changing landscape of the legal profession.
The report provides recommendations to foster a culture of empowerment, attracting and retaining top talent, and creating an environment that aligns with the expectations and aspirations of the younger generations. To access the full report, “Building a Lasting Legacy: Empowering Organizations through Strategic Succession Planning,” please click here.
About Leopard Solutions:
Leopard Solutions is a leading legal market intelligence provider for professionals seeking to build an analytical understanding for better business and recruiting strategies within the legal industry.
Our diverse data solutions are designed to fulfill a wide variety of intelligence needs, from job searches to recruitment to competitive intelligence in the legal industry serving law firms, legal service providers, recruiters, law schools, and corporations. Leopard’s data and technology are continuously updated to ensure market relevance and a competitive edge.
Established in 2002, Leopard Solutions has grown into one of the most recognized and trusted legal market data providers in the United States. We are proud to be a diverse employer and a certified Women’s Business Enterprise.