What Must Firm Leaders Do? – If their goal is to remain independent (i.e. not merge up) in the next 5 years?

I know many mid-size regional firms (10-25 partners, $8 – $15 million in revenue) who are facing this issue – how will they payout retiring partners who have large books of business in a way that fosters good client service (from the second tier partner group) but also encourages new clients to be brought in…how will this work?

Firms who figure it out will do so by rethinking the roles and responsibilities of all professionals at the firm.  They will have to leverage their work product/processes, re-think their compensation structure and consider targeting new clients in a way that gets them the biggest bang for their buck – i.e. niche-focused marketing to attract ideal clients that have proven the most lucrative for them in recent years.

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