Rise Up The Ranks
How GRSM's unique growth pattern propelled it into the local top 10 largest law firms
Client conflicts could preclude the transition of portable business from one firm to another. Billing rates need to be compatible to ensure existing clients will transition their business. Law firms acquiring groups need the portable business to not only account for the group’s salaries, but also add to the firm’s bottom line.“Moving a practice group is never easy,” Carpenter said.
Carpenter also noted a trend in recent years — more senior-level partners have been assessing their practices for succession planning.“While they are willing to assume some risk initially, they need to trust that the group will maintain the relationships and business when the senior-level partner retires while continuing to develop their own business,” she said. “Keeping a realistic grasp on the business of law is essential when finding a new home for a group.”
“They are analyzing whether their current firm offers the most secure and lucrative path forward or if another firm, with greater synergy and more marketing opportunities, would be better suited for their group,” she said. “These partners, who have spent years developing client relationships and mentoring their practice group members, want to ensure their clients and colleagues have a solid foundation and the best chance to succeed as they transition into retirement.”
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