The transition that any firm must undergo if it is to survive and thrive after its founders retire affects every aspect of the organisation. It is at the same time both strategic and intensely personal. For founding partners, it involves giving up control of an organisation that in many cases defines who they are, trusting the next generation to lead and manage it at least as well as they do. For that next generation, it means stepping up to a whole new level of roles and responsibilities. It almost always involves difficult discussions, including about money. For the firm’s employees, the outcome determines no less than their future livelihoods. For clients, such transitions can significantly impact the quality of service that they receive in both the long term and while the transition is under way.
The panel will address:
• Financial arrangements
• Developing a governance transition strategy and plans that transfer the reins to the next generation of leaders while protecting founder & client interests.
• Issues involved in transitioning family-owned firms.
• The legal issues and how to approach the amendments that will be necessary to the firm’s founding documents, e.g. the partnership agreement (in the case of a partnership).
• The crucial impact of timing
This webinar will be followed by a short Q&A session. Please email any questions to Rob Millard: firstname.lastname@example.org.
Fernando Pelaez-Pier, Founding Partner, Hoet Pelaez Castillo Duque (Guest Speaker) – A former president of the International Bar Associate and the Lex Mundi network
David Shufflebotham, Founder, PEP Up Consulting - Partner Remuneration specialist
Claire Watkins, Partner, Buzzacott LLP – Head of Professional Practices Group
Zulon Begum, Partner, CM Murray LLP – Partnership & M&A Law specialist
Robert Millard, Founder, Cambridge Strategy Group (Chair) - Law Firm Management Consultant