Reinventing Professionals

I spoke with James Mendelssohn, the Chairman of MSI Global Alliance, a worldwide association of mid-sized independent law and accounting firms and the founder of Firm Management Associates, a U.K.-based consultancy focusing on the professional services sector. We discussed the release of his new book Life After Boris (SRA Books, 2013), which he describes as “an enchanting, quick-to-read fable about succession issues in a rabbit warren following the death of the leader.” Mendelssohn explained why succession planning is such a key issue in professional firms and why so many firms fail to address it. He also offered some best practices for firms of all sizes, including: (1) strip out the pride and emotion from the succession planning process; (2) start planning early since you cannot successfully navigate it under time pressure; (3) create a five-year plan; (4) incorporate a broad range of feedback; and, (5) engage a third party to help navigate the details.