Older owners looking at succession / run-off and their exit strategy.
There are over 5000 firms of between 1-3 partners in England & Wales and an average equity partner age of 67. It is very difficult to attract younger lawyers to take over such firms and run-off insurance is both expensive and limited to 6 years leading to a major issue for this segment of the legal market.
Younger owners increasingly prevented from being lawyers by the burdens of running the firm.
SRA Compliance, PII Renewals, Bank issues, HR problems, IT systems all take partners away from doing what they were trained to do – client work. This is both frustrating and a waste of talent.