How to Do Succession Planning in Large Law Firms (Ep. 59)
Are you a law firm owner pondering the future of your practice? Succession planning might be the key to securing the longevity and happiness of both you and your firm. In the latest episode of “The Lawyer Millionaire Podcast,” hosts Darren Wurz and David Ernst unravel the complexities of succession planning, offering you the wisdom and strategies needed to seamlessly transition leadership within your firm
David underscores the importance of transparent communication and the necessity of setting specific dates and goals for planning. He shares his personal journey, detailing the proactive measures he took to ensure a smooth transition for his successors, and provides invaluable advice on how to make succession planning a gratifying endeavor.
David discusses:
- The significance of picking a specific date to start succession planning.
- How to set clear goals for the succession planning process.
- How transparent and open communication can eliminate the common pitfalls in succession planning.
- Why senior lawyers should be compensated for planning and transferring their duties to successors.
- The satisfaction that succession planning brings not only to senior lawyers but also to the rising stars within the firm.
- How robust financial planning can empower your retirement and succession strategies to provide peace of mind.
Resources:
- Book a Call with Darren
- Wurz Financial Services
- The Lawyer Millionaire: The Complete Guide for Attorneys on Maximizing Wealth, Minimizing Taxes, and Retiring with Confidence by Darren Wurz
- LinkedIn: Darren P. Wurz
Connect with David Ernst:
- Linkedin: David Ernst
- Website: ernstbernick.com
About our guest:
David Ernst retired from law practice last fall after 37 years as a litigation attorney focusing on food safety. Dave worked at two firms over the course of his career, joining Davis Wright in 2011. Throughout his career, Dave served in many firm leadership and management roles.
This included office managing attorney, firm president (175 lawyer firm), the compensation committees of two firms, and the firmwide succession planning partner at Davis Wright. Dave has a particular interest and expertise in succession planning for lawyers and law firms.
He has worked with many lawyers over the years to develop thoughtful succession plans which ensure the continuation of client relationships and the development of younger lawyers.
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