Not a new phenomenon but one that seems to be in vogue for small to medium size firms lately is jettisoning of senior lawyers and not always on the firms' initiative!

There is lots of speculation of reasons why the increase, that while they run the gambit of logic are for the most part driven by perspective:

Senior partners losing faith in the future of the firm for several reasons, including:

  • A dearth of imminent leadership to ensure the firm is positioned to move forward.
  • An eroding client base that makes current income levels unsustainable.
  • A sudden self-awareness that their historic leadership has resulted in a firm with an imbalance between leading "grinders" but skillful "finders."
  • Seeing the price of a lack of past strategic vision to actively pursue augmentation of practice areas offered.
  • Panic drove by them both understanding the role their "capital" plays in their financial retirement and the potential to lose it.

Mid-level partners developing a sense of being "past over" for several reasons including:

The rest of this article is available in Stephen Mabey's new Book

Available for purchase on BookBaby.

Stephen Mabey is a CPA, CA and the Managing Director of Applied Strategies, Inc. Stephen's focus is on law firms in general and on small to medium size law firms in particular. He has written about and advised on, a wide range of issues including - leadership, business development, marketing, key performance indicators, strategic planning, mergers, practice acquisitions, competitive intelligence, finance, mergers, practice transitioning, compensation, organizational structures, succession and transition planning, partnership arrangements and firm retreats. In 2013, Stephen was inducted as a Fellow of the College of Law Practice Management in recognition of his sustained commitment to the highest standards of professionalism in law practice management. For more information, visit appliedstrategies.ca or connect with Stephen Mabey on LinkedIn.

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