Big Law Life #38: Why Law Firms Fail at Partner Transition Planning with Douglas Wood
In today’s episode, I am joined by Douglas Wood, former Big Law attorney and author of 11 books, including From Dawn to Dusk: How to Build a Multimillion Dollar Law Practice and Then Give It Away.
We dive into the often-ignored topic of succession planning for attorneys nearing retirement in large law firms. Doug shares his own experience transitioning out of a big law career, mentoring younger attorneys, and how firms can better manage the departure of senior partners. We also discuss the importance of delegation, mentorship, and planning for retirement from both the attorney’s and the firm's perspective.
At a Glance:
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00:00: Introduction to the episode and guest, Douglas Wood
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01:20: Transitioning out of law practice and the significance of succession planning in Big Law
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03:20: Doug's career path, from small firms to becoming a partner at Reed Smith
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04:50: Retirement planning in large firms and the lack of formal transition processes
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06:54: Why law firms avoid discussions about partner transitions
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09:00: Mentoring younger attorneys and the rewards of delegating client relationships
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11:00: Addressing the risks of delegation and the misconception that clients will leave
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13:15: Building a transition plan that benefits the firm, the transitioning attorney, and the younger lawyers
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17:03: Balancing client demands, billable hours, and mentoring—debunking the "too busy" excuse
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21:10: The generational gap and its impact on mentorship in the legal profession
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24:00: The lack of formal programs for senior lawyers and why law firms should view them as assets
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30:00: Doug discusses his novel writing and upcoming projects
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How to reach Doug Wood douglas.wood@wood.law https://dawntodusk.wood.law/
LinkedIn: https://www.linkedin.com/in/djwood1976
Facebook: https://www.facebook.com/profile.php?id=61562791655439
Interested in doing 1-2-1 coaching with Laura Terrell? Or learning more about her work coaching and consulting? - here are ways to reach out to her:
laura@lauraterrell.com
LinkedIn: https://www.linkedin.com/in/lauralterrell/
Instagram: https://www.instagram.com/lauraterrellcoaching/
Show notes: https://www.lauraterrell.com/podcast