4 ASIAN LEGAL BUSINESS – JULY 2024 WWW.LEGALBUSINESSONLINE.COM BRI EFS JOONKI YI, managing partner, Bae, Kim & Lee At BKL, succession planning is managed by two key committees: the Recommendation Committee and the Management Committee. This process is characterised by its democratic and dynamic nature. The Recommendation Committee at BKL is a group of approximately 15 members, comprised of individuals from various practice areas and job roles, with a historical preference for young partners. This composition is integral to BKL’s succession planning, as the committee, under the leadership of these young partners, is responsible for electing the next managing partner and management committee members. The primary duty of this committee is the selection of the next managing partner, and, subsequently, in collaboration with the newly elected managing partner, the appointment of management committee members. A notable tradition at BKL is the committee’s endeavour to achieve unanimity in their decisions, a process that often necessitates multiple rounds of meetings. The Management Committee at BKL is selected with a careful balance across different generations and practice areas. The managing partner holds the responsibility of appointing heads of practice groups and committee chairs, always keeping in mind the concept of “next-generation succession.” In essence, BKL’s succession planning is rooted in a transparent partnership that prioritises the greater good. This process involves elements of persuasion, concession or restraint, consensus or unanimity, inclusivity, and forward-thinking leadership. SRIDHAR GORTHI and NISHANT PARIKH, partners and management committee members, Trilegal Trilegal is unique in the Indian context for its allequity lockstep model, founded on principles of meritocracy and democracy. The firm has an elected Management Committee and a structure that allows for periodic review to ensure continuity as well as change. The next generation of leaders serve as practice group heads, office heads, committee members, etc., to hone their management skills in preparation for election to the Management Committee, should they so choose. Our firm’s philosophy is of stewardship, whereby leaders hold the goodwill of the firm in trust for the next generation of partners. We believe that every young partner who aspires to one day lead the firm should get a fair opportunity to do so. JOSEPH KWAN, head of litigation and dispute resolution, Deacons As one of the largest law firms in Hong Kong, we have the advantage of being locally based. This allows us greater flexibility and autonomy, as we are not bound, for example, by programs that international firms apply across their offices. Our approach may not be formal, but we believe that it is effective and adaptable. Good lawyering skills do not necessarily encompass management and leadership qualities. In recognition of management and leadership qualities, we actively seek to identify partners with leadership potential at an early stage through their practice and by involving them in various firm committees. We are transparent about our intentions to develop them and will provide coaching and empowerment to help them grow. We encourage these emerging leaders to engage in management activities, allowing them to observe current leaders and participate in decision-making processes. They will be given opportunities to lead initiatives and address operational issues, with clear explanations of the rationale behind our decisions FORUM THE NEXT GENERATION As the Asia legal market continues to evolve on the back of shifting political and market forces, law firms are being challenged on multiple fronts. A well-structured succession plan is necessary to facilitate a smooth transition and introduce new perspectives. Law firms across the region discuss how they are preparing the next generation of leaders to guide their firms into the future. WHAT FORMAL SUCCESSION PLANNING PROCESSES DOES YOUR FIRM HAVE IN PLACE TO IDENTIFY AND DEVELOP THE NEXT GENERATION OF FIRM LEADERS AND RAINMAKERS? JOONKI YI SRIDHAR GORTHI NISHANT PARIKH JOSEPH KWAN
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