News of the Firm May 24, 2019
Your Successors’ Age Says a Lot About your Viability
BCF would rank 2nd in terms of the average age of its partners based on The American Lawyer’s ranking.
Compared to the firms in this ranking, BCF would be ranked 2nd of the 200 top-grossing U.S. law firms, if we were an American firm, with an average 45.5 years old for its partners and 32.17 years old for its associates:
1) Kirkland & Ellis: 42.00 years old
2) BCF: 45.5 years old
3) Fish & Richardson: 46.17 years old
By combining all our professionals, partners and associates, BCF has an average age of 36 years old. Since human capital is an important indicator for the sustainability of a company, it is important to invest adequately in its succession.
Business Succession, a Challenge for Every Entrepreneur
According to the Centre de transfert d'entreprise du Québec and The Chamber of Commerce of Metropolitan Montreal, only 3 out of 10 business owners are able to pass on the torch successfully, and this transfer can take up to eight years of planning.
Not only is planning for long-term continuation inevitable, its implementation is crucial. Among other things, transferring a business involves human, financial and, sometimes, family issues. Well-orchestrated planning will take into account each of these aspects to ensure the company’s sustainability when its founder is no longer there.
Hence the importance to carefully implement a succession plan, as well every other options to successfully complete the transfer.
And You, Will You Pass the Torch? Be ready and plan the handover of your business now.
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