Succession planning in the legal sector has always come with its own set of challenges for small to medium sized law firms in Wales, and the barriers to long-term planning are exacerbated by increasing recruitment and retention, professional indemnity insurance and regulatory pressures.
Succession planning is key to law firms of all sizes, ages and locations – whether you’re thinking of selling your firm, merging, acquiring or setting up on your own. Business Wales can help your law firm ensure the next generation of lawyers and leaders have the ambition, tools and support they need to flourish.
Business Wales has teamed up with law firms across Wales to inspire and share relevant examples of how other law firms have approached succession planning, the obstacles they have had to overcome, and advice for other partners and directors.
Business Wales advisors can offer a raft of business solutions and free support for law firms in Wales, to help them create sustainable, relevant and meaningful succession plans. More details can be found here, or below.
Planning for succession: case studies
In the videos below, you’ll hear from Glyn Lloyd, Partner at Newfields Law, Gareth Gwyndaf Jones, Director at Gomer Williams & Co, Emily Littlehales, Partner at Celtic Law, and Edward Friend, Partner at Carreg Law, who share how they have created a strong, sustainable vision for the future of their law firms, whether that’s tackling cuts to Legal Aid, increasing competition, or the need to attract and retain new talent into rural Wales.
Watch the interviews in English and in Welsh (with subtitles), below.
Building a resilient legal sector for Wales
Business Wales is committed to supporting the growth and resilience of the legal sector in Wales and to help small to medium sized law firms achieve their ambitions, with confidence.
To thrive, legal practices and leaders need to overcome common challenges around increased competition, succession planning, recruitment and retention, leadership, diversity and inclusion, technology, business operations and marketing.
To view more inspiring case studies, and to contact a Business Wales advisor, visit businesswales.gov.wales/legal-sector-planning-succession