Canadian Lawyer

can be a lot less meaningful. They support success, don't make success," he says. And what are the strategies that support successful succession? In many ways, they are the same strategies required to build and sustain any successful practice because the key to a successful handoff is having a practice that is worth buying into. The other key element involves helping young lawyers gain the experience, business skills, and contacts they will require to run the firm successfully once they take over. Hunter' broaden the number of contact points with corporate clients, so that younger lawyers get to form good working rela- tionships with the emerging leaders at client firms. In a well-established practice, you may because the firm founders probably had to be quite entrepreneurial in order to bring in business, while younger lawyers never had to get out into the marketplace to the same extent, says Hunter. Another succession plan building need to help younger lawyers improve their business-development skills. That' s s first piece of advice is to people from here go to law school and want to return?" he asks rhetorically. So he and his partners are eager to snap up and retain young lawyers with close con- nections to the community, with children in local schools, and spouses who work in town — people who appreciate the out- doors and a slower pace of life. And the firm has been doing this for long enough that its partners and associates are each separated in age by several years so there is a steady stream of lawyers who will be ready to take the helm when older part- ners retire. "You can have all the fancy partner- ship agreements you want, with succes- sion planning and all that type of thing, but it' structure so you have the people coming up the chain," Demmans says. s just step one. Step two is trying to Freelance journalist and business writ- er Kevin Marron can be reached at kevin@kevinmarron.com. www.ERASSURE.com ERASSURE® trademark of Estate Risk Protection Plan Inc. is a registered block is the development of leadership skills in younger lawyers, who must evolve their own vision of what direction the firm should be taking in future and how best to achieve that. The compensation process may also need to be refreshed and aligned with the firm' sion strategies. Internal governance is another ele- s evolving vision and succes- ment that must be considered, accord- ing to Hunter. He observes that smaller firms often start off with a quite informal decision-making process but may at some point cross a threshold where it is no lon- ger practical or efficient for everyone to be involved in every decision. At that point, the firm needs to figure out what needs to be decided at the partnership table and what can be delegated to a managing part- ner, managing director, or office manager. "Succession is a great opportunity to stand back and say, 'would we like to be more deliberate in plotting and moving towards our chosen future as opposed to just letting it happen?'" says Hunter. In North Battleford, Demmans says the key to his firm's succession plan is Are you prepared for an estate battle? Protect your executor clients with ERASSURE Executor Insurance – and protect yourself. Your executor clients face growing risk of litigation for the decisions they make in estate administration. And when they are sued, if they believe you haven't identified their personal liability and insurance available to mitigate their risk, they could make a claim against you. Don't get caught in the middle of another family's fight. Put ERASSURE® between your client's problem and your practice. Call 1-855-636-3777 to book a 10-minute orientation and start protecting your clients and your practice today. recruiting a steady stream of good lawyers who want to make a career in this rural community of 20,000. "How many young ntitled-2 1 ERASSURE is the exclusive Preferred Supplier of executor insurance for Canadian Bar Association members. www.CANADIAN Lawyermag.com JUNE 2012 25 12-02-07 6:49 PM

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