Helping a law firm owner build a succession plan without letting go of her legacy

The Challenge: Growth Without a Transition Plan

Fifteen years ago, the founder of a law firm launched a practice that quickly expanded across the state, growing to nearly 50 attorneys. Despite its success, she remained the sole owner and primary decision-maker and had not developed a succession plan.

Though not close to retirement, she was feeling increasing pressure from senior attorneys seeking ownership opportunities and transparency about the firm’s future. The business had become deeply personal to her, and the idea of stepping back from leadership felt impossible. Still, she recognized the growing need to plan for the long term and engaged Elliott Davis to help her define a path forward.

The Turning Point: From Founder-Led to Future-Ready

We began with a comprehensive Phase 1 assessment structured around four pillars:

• Personal: Clarified the founder’s long-term goals, including her desire to become a passive owner over the next decade.
• Finance: Provided a valuation estimate and discussed the owner’s exit options.
• Operations: Identified the need to reduce her involvement in daily decisions and formalize internal processes.
• Governance: Reviewed legal documents and ownership structures to support future transitions.

The assessment revealed a firm at a crossroads. Senior attorneys were eager to invest in the firm’s future, junior attorneys wanted a transparent path to partnership, and the founder was open to stepping back as long as the right infrastructure was in place. It became clear she didn’t want to walk away but rather adapt her role. Her vision was to remain connected to the firm’s legacy while empowering others to lead. That mindset became the foundation for a strategy focused on gradual transition, shared ownership, and sustainability.

The Resolution: A Roadmap for Long-Term Transition

Following the initial assessment, we entered Phase 2, which included supporting the succession strategy’s implementation and providing ongoing tactical assistance over the next two years. Working closely with the founder and her leadership team, the following initiatives that met her personal and professional goals were implemented:

Attorney Growth and Ownership Pathways

• Better defined roles and responsibilities and career progression expectations for attorneys
• A partner education curriculum to prepare future leaders
• Reduced reliance on the founder’s discretion by formalizing decision-making procedures
• Updated governance documents, including buy-sell and attorney agreements

Back-Office Transformation

• Filled talent gaps and clarified roles within the support function
• Repositioned the back office as a profit center funded by attorney revenue
• Communicated the value of support services (e.g., marketing, accounting, admin)
• A structure to generate passive income for the founder in perpetuity

Communication and Financial Modeling

• Ownership discussions with senior attorneys and legal counsel
• Marketing initiatives to support the firm’s continued growth and visibility
• Model of the transaction’s impact on the founder’s personal wealth

Today, the firm is progressing toward shared ownership with a defined leadership structure. The founder remains involved but no longer manages daily operations, and the firm is well positioned to scale, retain talent, and transition ownership according to the founder’s goals.

The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.