Why Build a Multi-Generational Law Firm?
Starting a law firm is one thing; building a legacy is another.
It's not about adding lawyers to the roster. It's about establishing a practice that will survive over time.
Large or small, a multi-generational law firm should provide for lifetimes. Here are reasons to do it for your family.
Each generation offers perspective. The older generation has hindsight; the younger generation looks forward.
Together, experience and innovation have the potential to evolve. Over time, they can survive changes that make other practices go the way of the dinosaur.
That happens when law firms depend too much on past successes or don't keep up with technology or other changes in the law business.
The turnover rate in family businesses is lower than non-family firms for a reason: loyalty. Commitment and pride in the family business is more important than one individual.
But it's also about numbers. According to Forbes, the familial bond translates to higher employee retention.
"The decreased turnover rate is a long-term financial benefit, since new talent acquisition can be a costly investment," the magazine says.
Family success, at its best, is long-term. From father to son, or mother to daughter, it is the real American dream.
Law buildings will come and go, but a multi-generational business will go on as long as there is a family to run it. One generation passes on entrepreneurial lessons and values to the next.
Statistically, a third of family businesses make it to the second generation. That's not bad considering that most small practices end when the founding partner walks out the door.
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