David Wood helps law firms plan and implement retirement succession programs that replicate his signal accomplishment as a retiring lawyer: The transition of his entire $6 million practice to successor partners at his AmLaw 100 firm, Barnes & Thornburg.
For 38 years, David litigated insurance coverage disputes in courtrooms throughout the nation. He was a tireless advocate for his corporate policyholder clients (mostly Fortune 100-500 companies), winning them billions of dollars. By the time he retired, he had built a $6 million law book of business.
David spent his final two years migrating his clients to other Barnes & Thornburg partners. Surprisingly, clients told him that many firms seem indifferent to whether they retain retiring partners' client relationships. Consequently, clients worry about service interruption as Baby Boomers leave the profession. David brought them a solution to this problem: Customized succession plans that bonded them with top-flight B&T partners they came to know and trust. It all worked because David made uninterrupted service his highest priority.
Everyone knows the “why” of retirement succession. When it’s done right, clients receive service continuity and firms retain revenue streams. When it’s done wrong, clients leave, taking their revenue streams with them. David developed a codified, scalable process for shepherding a retiring partner’s client relationships to the next generation. Now he advises law firms how to achieve, step by step, the same outcome he did.