Great leaders develop successors. Where is your firm's intelligence? Is it in the partner group? Is it in your staff? Or is it in both your staff and partner group?The answer is a significant indicator of your firm's destiny.

If you can honestly say that it's in both, your firm likely has economic value, and the partners are entitled to reasonable deferred compensation and a buyout. If your firm has not developed successors - and many have not - its value is probably diminishing.

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