Losing A Partner? How Law Practice Management Software Can Help Create

A Succession PlanPresented by:LexisNexis

http://www.lexisnexis.com

Staff Changes Are Unavoidable, But Don’t Have To Be Difficult

n Retirements and staff changes are a fact of life in a law practice.

n Although this can be a major blow to a firm, it doesn’t have to be.

n Law practice management software and law firm accounting software can help create a strategic succession plan to handle the transition.

Determine Responsibilities With Law Practice Management Software

n Defining the roles and responsibilities of each of the partners is the first step.

n With this plan in place, the other partners can work to fill the gaps and redistribute cases and tasks to other partners or attorneys within the practice.

Why Use Software?n Law practice management software easily tracks each

attorney’s workload and ensures that the defined roles are accurate.

n This allows a firm to immediately tell if a partner is operating outside of his or her defined roles or if the roles need to be redefined.

n In either case, law firm software paints an accurate picture of the division of labor to make succession planning easier.

Legal Software Helps Scout New Firm Leaders

n Many firms choose new partners after finding out that an existing partner is leaving.

n If there isn’t suitable talent within the firm, it’s not uncommon for a firm to look outside to find a new partner.

n This is inefficient and shortsighted.

Firms Should Look For New Partners Internally

n Law firms have an ideal talent pool they should be utilizing.

n Grooming a young attorney for a partnership is a process that can take six to ten years.

n Law firm accounting software gives partners detailed reports on how each attorney is performing, who is getting more done with fewer resources and who is generating the most revenue for the firm.

n Legal software lets senior partners delegate duties to these attorneys, giving them the skills to succeed.

Using Law Firm Accounting Software

n Successful compensation plans reward attorneys for delegating their duties, leading to more efficient operations, better training and better client relations.

n Law firm accounting software tracks compensation and productivity.

n This shows who is consistently meeting goals, quickly and easily.

Retirement Plans Mean A Smooth Transition

n Retirement plans help partners in the transition between active work and eventual retirement.

n It’s not uncommon for retired partners to continue to work with the firm in limited capacity to help with the transition and client retention.

n Law practice management software helps track these transitions to make sure all parties are getting the most out of the arrangement

Law Practice Management Software Can Provide A

Smooth Transitionn These processes: defining partner roles, grooming

new talent, and reviewing retirement and compensation plans should be analyzed and reviewed annually.

n Whenever possible, law practice management software should be a part of reviewing these processes.

About LexisNexis

n LexisNexis is a leading provider of content-enabled workflow solutions designed specifically for professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets.

n The company can customize its products to the needs of the modern law firm and offers unique features that generic software solutions cannot.