Building What’s Next: A Founder’s Perspective on Law Firm Succession and Growth

As partner retirements accelerate and client relationships define firm value, succession planning is more necessary than ever. It separates firms that will transition successfully from those that will not.

Nationally, law firms remain underprepared for leadership transition. A Thomson Reuters survey found that only 37% of firms have a formal succession plan in place, and fewer than 13% have a fully documented strategy—despite a looming wave of partner retirements. At the same time, approximately 40% of law firm partners are expected to retire within the next decade, with a significant share of revenue still concentrated among lawyers over 60.

For small and midsize firms, the implications are immediate and material. When client relationships, institutional knowledge, and revenue are concentrated among a handful of senior partners, even a single unexpected departure can create disruption—lost clients, stalled matters, and internal instability.

I’ve seen this dynamic firsthand. I’ve spent my career building a firm with intention. When I founded my firm, it wasn’t just about practicing law—it was about creating a firm that was structured to bring the very best counsel and representation to every client.

But even with that mindset, one truth becomes clear over time: building a firm is only part of the journey. Planning what comes next—thoughtfully, strategically, and early enough to matter—is where your legacy is either protected or expanded. It is very easy to get caught up in the practice and the present and forget to focus on the firm’s future.  

I learned the value of working with consultants who specialize in law firm succession planning—professionals who bring much-needed objectivity to what is often an emotional process. Our firm benefited from expert guidance that helped us assess future needs and clarify our strategic direction, ensuring our decisions were grounded in both opportunity and reality.

Start Earlier Than You Think

If there’s one lesson I would offer founders, it’s this: start the succession discussion earlier.

Because it’s a process. It takes years, not months, to transition client relationships, develop future leaders, and align a firm for its next chapter.

Client trust is built over time—and it must be transferred the same way. The most effective transitions are intentional and gradual: introducing future leaders early, involving them in key relationships, and creating continuity long before a formal change occurs.

Too often, firms delay this work. By the time succession becomes urgent, options are limited, decisions are rushed, and value is harder to preserve.

The Pressure to Evolve

What makes succession planning more complex today is the accelerating pace of change across the legal industry. Pressure to evolve is coming from both inside firms and from clients themselves. While law firms and their clients continue to value strong, long-standing relationships, client expectations are shifting. They are continually reassessing firms based on their ability to meet both current and future needs. As new business challenges emerge, so do increasingly complex and diverse legal issues. In response, clients are seeking not only trusted advisors, but also rising stars—attorneys who bring diversity, energy, and innovation to the table as their go-to counsel.

Investing in and Mastering Technology Is Critical to Effectively Compete

Clients expect more—greater responsiveness, deeper insight, and increasingly, data-driven strategies. Meeting those expectations requires meaningful investment in technology, infrastructure, and talent.

Artificial intelligence is reshaping how legal services are delivered—from research and case strategy to workflow efficiency and client communication. Competing effectively requires more than incremental adoption. It requires sustained investment and integration. For many small and midsize firms, that level of investment is difficult to manage and to maintain independently.

That reality raises an important question: Will your firm be positioned to compete at the level your clients require in five or ten years?

Balancing Emotion with Strategy

Succession is not purely a business decision—it’s a personal one. Founders are not just stepping away from a role; they are transitioning something they built.

There is no one-size-fits-all solution. Some firms transition internally. Others pursue combinations or acquisitions. The right path depends on your firm’s strengths, its clients, and its long-term vision. Many lawyers are challenged by running a business and a successful firm.  We were challenged on our succession.  Our consultant was critical to helping guide us through the process.

What to Look for in a Combination

Alignment and culture matter more than size.

A firm’s mission reflects how it shows up every day—for clients and for its people. Its vision signals where it’s going. But equally important is its strategic approach—how it plans to get there and whether it has the people qualified to lead the business of law and to manage a law firm’s succession. Fennemore and its C-Team checked all the boxes for our firm.

Founders should take a deliberate look at the road ahead. Where is the firm investing? How is it preparing for change? Is it reacting—or positioning itself to lead?

If that forward-looking strategy does not align with your own vision, that misalignment will surface over time.

Finding the Right Fit

Through this process, it became clear that Fennemore was not just a larger platform—it was the right one.

Fennemore’s commitment to delivering exceptional client service while positioning itself to anticipate change—and lead the evolution of legal services—aligned directly with how we viewed the future of the profession.

For us, the opportunity wasn’t just about transition—it was about alignment. We knew it was important to expand our bench strength, gain access to cutting-edge tools, and broaden our footprint so we could serve clients with greater precision, insight, and depth—without losing the culture that built our success.

A Strategic Opportunity

Succession planning is not an exit—it’s an opportunity.

Ultimately, it is about leading forward.

For those evaluating what comes next, the right alignment can create opportunities that last for years.

The future shouldn’t be deferred. The next chapter should be defined by possibility—and built with intention.

Daniel Reilly is a civil trial lawyer with more than 30 years of trial experience as lead counsel in complex cases around the country. He has been lead counsel for a broad spectrum of complex multi-jurisdictional commercial litigation matters, including both the prosecution and defense of class actions for individuals and major corporations. He can be reached at dreilly@fennemorelaw.com