Episode 40-Succession Planning for Law Firms Meets Chapter 3 for Lawyers
All professional athletes eventually face the same challenge: when to retire and what to do after retirement. For the most part, an athlete’s career is limited in time because of the physical demands of job. Lawyers on the other hand do not face these constraints. There are many lawyers who practice well into their 70’s or 80’s and some who never choose to retire. But for many law firms and for many law firm partners, this is not an optimal strategy. Healthy businesses need a healthy succession plan and after 40 years in practice, many lawyers are ready for some sort of change. As the pandemic has caused many law firms and partners to rethink their priorities, the issue of what to do with senior partners has become more timely. Firms are already under a lot of under a lot of financial stress. A lack of succession planning only adds to this. In this episode, I am pleased to welcome back Larry Stybel of Stybel Peabody. At the beginning of the year, before the pandemic became a reality for most of us, Larry and I spoke about finding happiness in the practice of law. This time, Larry and I discuss the challenges that seniority presents to both law firms and to aging partners.
For over 40 years, Larry has been providing outplacement, executive search and leadership coaching to law firms and corporations. He co-authors a regular column on leadership and career management for PSYCHOLOGY TODAY. He also co-authored the book Navigating the Waterfall: Your Guide to Job Search and Career Management. Stybel Peabody received the "Best in Class" Award in Outplacement four times from the Massachusetts Lawyers’ Weekly Reader Preference Survey.
I met Larry and his wife and business partner, Maryanne Peabody, 20 years ago when I was starting my own recruiting and coaching business. I was very pleased to reconnect with him last year through my business networking group ProVisors. I have really appreciated the insights Larry has been able to share with me about my own career. Larry brings years of experience in talent management and career success.