Bryan's Schwartz's departure as managing partner, and the years of planning leading up to that departure, were featured in a February 1, 2013 Chicago Lawyer article.
The article discusses how LP began succession planning in 2004 and decided that "it's imperative that younger people get a seat at the table," Schwartz said. At that time, firm leaders identified succession plans for managing partner, chairman, practice group leaders and members of the executive, compensation and promotion committees.
"Part of leadership is really serving your followers," Schwartz said. "And if you're not creating new leaders to replace you, you really just have an entitlement mentality which ruins, I can't tell you how many, firms."
From the article:
To successfully carry out succession planning, Schwartz offered the following tips:
■ Provide an expectation by creating and implementing a written succession plan. Decide when and how success takes place, not if.
■ Prepare the younger generation by providing deadlines for transition and training so they're ready.
■ Leave the position while times are good; don't wait until somebody asks you to leave.
"I hope my legacy is, 'He did the right thing for the firm and helped the firm go to the next level,'" Schwartz said.
Read the full article here.
Watch LP's video of Bryan Schwartz and current Managing Partner, Rob Romanoff, discussing the transition here.