One-person rule or diktat by committee? Term limits or open-ended leadership? Tradition or fresh air? Passing the torch or putting out the flame? Law firms, regardless of size, face the challenge of evolution, and nowhere is this more evident than in the sphere of leadership change. How firms tackle the problem of succession can determine the course the firm takes, for better or worse, for many years to come. This session addresses the importance of succession planning for law firms. It will examine policies and practices at medium and small, multi-generational firms, as well as the state of affairs when founding partners retire or when a firm has lasted more than one generation within family control. The panel will include leaders from law firms of all sizes and put forward suggestions for best practices. In this context, the session will also address the pivotal issue of the transfer of leadership knowledge and experience from senior lawyers to prospective new leaders within the firm.