Successful compensation plans reward attorneys for delegating their duties, leading to more efficient operations, better training and better client relations.

1. Losing A Partner? How
Law Practice Management
Software Can Help Create
A Succession Plan
Presented by:
LexisNexis
http://www.lexisnexis.com

2. Staff Changes Are Unavoidable,
But Don’t Have To Be Difficult
n Retirements and staff changes are a fact of life in a
law practice.
n Although this can be a major blow to a firm, it doesn’t
have to be.
n Law practice management software and law firm
accounting software can help create a strategic
succession plan to handle the transition.

3. Determine Responsibilities With
Law Practice Management Software
n Defining the roles and
responsibilities of each of
the partners is the first
step.
n With this plan in place, the
other partners can work to
fill the gaps and redistribute cases and tasks to other
partners or attorneys within the practice.

4. Why Use Software?
n Law practice management software easily tracks each
attorney’s workload and ensures that the defined roles
are accurate.
n This allows a firm to immediately tell if a partner is
operating outside of his or her defined roles or if the
roles need to be redefined.
n In either case, law firm software paints an accurate
picture of the division of labor to make succession
planning easier.

5. Legal Software Helps Scout
New Firm Leaders
n Many firms choose new partners
after finding out that an existing
partner is leaving.
n If there isn’t suitable talent
within the firm, it’s not
uncommon for a firm to look
outside to find a new partner.
n This is inefficient and
shortsighted.

6. Firms Should Look For New
Partners Internally
n Law firms have an ideal talent pool they should be utilizing.
n Grooming a young attorney for a partnership is a process
that can take six to ten years.
n Law firm accounting software gives partners detailed
reports on how each attorney is performing, who is getting
more done with fewer resources and who is generating the
most revenue for the firm.
n Legal software lets senior partners delegate duties to these
attorneys, giving them the skills to succeed.

7. Using Law Firm
Accounting Software
n Successful
compensation
plans reward
attorneys for
delegating their
duties, leading to more efficient operations, better training
and better client relations.
n Law firm accounting software tracks compensation and
productivity.
n This shows who is consistently meeting goals, quickly and
easily.

8. Retirement Plans Mean A
Smooth Transition
n Retirement plans help partners in the transition
between active work and eventual retirement.
n It’s not uncommon for retired partners to continue
to work with the firm in limited capacity to help
with the transition and client retention.
n Law practice management software helps track
these transitions to make sure all parties are
getting the most out of the arrangement

9. Law Practice Management
Software Can Provide A
Smooth Transition
n These processes: defining partner roles, grooming
new talent, and reviewing retirement and
compensation plans should be analyzed and
reviewed annually.
n Whenever possible, law practice management
software should be a part of reviewing these
processes.

10. About LexisNexis
n LexisNexis is a leading provider of content-
enabled workflow solutions designed specifically
for professionals in the legal, risk management,
corporate, government, law enforcement,
accounting and academic markets.
n The company can customize its products to the
needs of the modern law firm and offers unique
features that generic software solutions cannot.