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Law Firm

Law Firm

Law Firm

The law firm is an integral part of the legal industry in the United States. According to the National Law Journal’s 2018 report, there were 1,232 law firms across the nation in 2017, with gross revenue of $262.97 billion. New York City-based law firms make up the majority of this revenue, with the top ten grossing law firms in the United States having a combined total of $52.2 billion in revenue.

The law firm landscape has changed dramatically over the years. There are now firms of all sizes and with a wide range of specialties, from business law to real estate law, estate planning, probate law, criminal defense, contract law, and injury law. With this diversity comes a wide range of business models and strategies, as well as a wide range of rankings, revenues, and other metrics to measure success. This paper will discuss the various aspects of law firms, including size, software, rankings, revenue, attorneys, management, practice areas, lawyers, and more. It will also discuss the current state of the world’s leading law firms, as well as the ways in which law firms are changing to meet the needs of their clients.

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Explore the Spectrum of Trans Dating in New Zealand!

Are you curious about the diverse and vibrant world of trans dating in New Zealand? Look no further! In this article, we will take you on a journey to explore the spectrum of trans dating, shedding light on the experiences, challenges, and triumphs of the trans community in the realm of dating. From navigating online platforms to discovering safe spaces, we will delve into the intricacies of trans dating and provide valuable insights for both trans individuals and their potential partners.

Join us as we uncover the nuances of trans dating in New Zealand, a country known for its progressive attitudes and acceptance of diverse identities. Whether you are an ally seeking to understand the trans experience or a trans individual seeking connection and love, this article will serve as a valuable resource. What are the unique hurdles faced by trans individuals in the dating world? How can we foster inclusivity and support in relationships? Get ready to challenge societal norms and embrace the beauty of trans dating in New Zealand!

Understanding the Transgender Experience: A Look into the Diverse Dating Landscape

Are you a transgender individual looking for love, companionship, or simply someone who understands your unique journey? Look no further than the diverse and inclusive world of trans dating in New Zealand! With a vibrant and accepting community, there are plenty of opportunities to connect with like-minded individuals who share your experiences and aspirations. Whether you are seeking a serious relationship or casual connections, there are numerous trans dating sites in New Zealand that cater specifically to the trans community. One such platform is Lovezoid, which offers a safe and welcoming space for trans individuals to explore romantic possibilities. To learn more about the spectrum of trans dating in New Zealand, visit https://lovezoid.com/nz/trans-dating-sites/ and embark on a journey of love and self-discovery.

Trans dating in New Zealand is a vibrant and diverse landscape, with individuals from all walks of life embracing their true selves and seeking meaningful connections. Whether you identify as transgender, non-binary, or genderqueer, there are trans dating sites that cater specifically to your needs and preferences. These platforms provide a safe and inclusive environment where you can explore your romantic possibilities without fear of judgment or discrimination. Lovezoid is one such platform that offers a range of features to help you connect with potential partners who understand and appreciate your unique journey. To discover the spectrum of trans dating in New Zealand and find your perfect match, visit https://lovezoid.com/nz/trans-dating-sites/ and embrace the exciting world of trans dating in New Zealand!

Navigating Relationships: Challenges and Triumphs for Trans Individuals in the Dating Scene

New Zealand offers a vibrant and diverse community for individuals exploring the spectrum of trans dating. With its progressive and inclusive culture, the country provides a safe and welcoming environment for people of all genders and sexual orientations. Whether you identify as transgender, non-binary, or genderqueer, New Zealand embraces diversity and offers a range of opportunities to connect with like-minded individuals.

From social events and support groups to online platforms and dating apps, there are various avenues to explore trans dating in New Zealand. The LGBTQ+ community in cities like Auckland, Wellington, and Christchurch organizes regular meetups, discussions, and workshops, providing a space for trans individuals to connect, share experiences, and build meaningful relationships. Moreover, online platforms such as Transgender Dating NZ offer a convenient way to meet potential partners within the trans community. These platforms provide a safe and inclusive space where individuals can connect, chat, and get to know each other before taking the next steps in their dating journey.

Embracing Intersectionality: Exploring the Interplay of Gender Identity, Sexual Orientation, and Dating Preferences

Discover the diverse and vibrant world of trans dating in New Zealand, where individuals from all across the gender spectrum come together to form meaningful connections and forge genuine relationships. From the bustling streets of Auckland to the picturesque landscapes of Wellington, the trans community in New Zealand is thriving, offering a safe and inclusive space for individuals to express their true selves and explore romantic possibilities.

Whether you identify as transgender, non-binary, genderqueer, or any other gender identity, New Zealand provides a supportive environment for trans dating. With a growing number of trans-friendly dating platforms and social groups, there are ample opportunities to meet like-minded individuals who share similar experiences and understand the unique challenges faced by the trans community. Embrace the freedom to be your authentic self and embark on a journey of self-discovery, where you can connect with others who appreciate and celebrate the beauty of diversity.

Building Inclusive Communities: Promoting Acceptance and Support for Transgender Dating in New Zealand

Are you ready to embark on a journey through the vibrant and diverse world of trans dating in New Zealand? Get ready to explore the spectrum of experiences, connections, and relationships that await you. In this beautiful country known for its inclusivity and acceptance, trans dating has flourished, providing a safe and supportive environment for individuals to express their true selves and find love.

From the bustling cities of Auckland and Wellington to the picturesque landscapes of Queenstown and Christchurch, New Zealand offers a wide range of opportunities to connect with like-minded individuals. Whether you are looking for casual encounters, meaningful friendships, or long-term relationships, the trans dating scene in New Zealand has something for everyone. With a growing community of trans individuals and their allies, you can expect to find a welcoming and understanding community that celebrates diversity and fosters genuine connections. So, what are you waiting for? Take a leap into the world of trans dating in New Zealand and discover the beauty of being true to yourself.

Exploring the spectrum of trans dating in New Zealand is a fascinating journey that unveils a vibrant and diverse community. From the bustling cities to the serene countryside, there are countless opportunities to connect with like-minded individuals who understand and celebrate gender diversity. As we have discovered, online platforms such as Transdr and local support groups like Gender Minorities Aotearoa provide safe spaces for trans individuals to meet, form connections, and build meaningful relationships. Whether you are looking for love, friendship, or simply seeking to expand your social circle, the trans dating scene in New Zealand offers a welcoming and inclusive environment. So, go ahead and embrace the adventure, because love knows no boundaries, and the possibilities are endless!

Size and Software

Law firms come in all shapes and sizes. According to the National Law Journal (NLJ) survey, the largest firms have more than 500 attorneys, while the smallest firms have fewer than 10. Some firms may have multiple offices in multiple states, while others may have only one office. In addition, some firms may specialize in one practice area, while others may offer a broad range of services. The size of a firm can also affect the type of software they use. For example, larger firms may use more sophisticated software, such as document management systems, billing systems, and case management systems, while smaller firms may not need such sophisticated systems.

Ranking and Revenue

Law firms are ranked based on a number of criteria, such as total revenue and the number of attorneys. The NLJ survey ranks the 250 largest law firms in the U.S. by revenue, as well as the top 100 firms by number of attorneys. The survey also ranks firms by practice areas, such as business, real estate, estate planning, probate, criminal defense, contract, and injury law.

Attorneys and Management

Law firms are made up of attorneys, who are licensed to practice law in a particular jurisdiction. Attorneys are typically organized into teams, which may be led by a partner or a senior associate. Partners are typically the most senior attorneys in the firm and are responsible for managing the firm’s practice areas and clients. Associates are typically the junior attorneys and are responsible for researching legal issues and preparing cases.

Practice Areas and Lawyers

Law firms typically specialize in one or more practice areas. Common practice areas include business law, real estate law, estate planning, probate law, criminal defense, contract law, and injury law. Each practice area has its own set of rules and regulations, as well as its own set of lawyers. For example, a firm that specializes in business law may have corporate lawyers, mergers and acquisitions lawyers, and securities lawyers, while a firm that specializes in injury law may have medical malpractice lawyers and personal injury lawyers.

LLP and Menu of Services

Many law firms are organized as limited liability partnerships, or LLPs. An LLP is a type of business structure that allows the firm to offer a variety of services to its clients. LLPs also offer more flexibility to the partners, allowing them to choose from a “menu” of services to offer. For example, a law firm might offer services such as corporate formation, contract negotiation, intellectual property protection, mergers and acquisitions, and litigation. Some law firms are LLCs or Limited Liability Companies, or Corporations or even sole proprietorships.

World’s Leading Law Firms

The world’s leading law firms are those with the most revenue, the most attorneys, and the most clients. According to the NLJ survey, the top 10 largest law firms in the world are based in the United States, with two based in the United Kingdom and one based in Germany. These firms have a combined revenue of over $100 billion and employ more than 55,000 attorneys. Law firms come in all shapes and sizes, and offer a wide range of services to their clients. The size of the firm, the software it uses, the practice areas it specializes in, and the number of attorneys it employs all contribute to its success. The world’s leading law firms are those with the most revenue, the most attorneys, and the most clients. As the legal landscape continues to change, law firms must continue to adapt and evolve to meet the needs of their clients.

American Lawyer’s 2019 report shows that the largest law firms in the country are located in New York, with the top ten grossing law firms in the United States having a combined total of $84.3 billion in revenue. These law firms specialize in many different areas of law, including personal injury, corporate, tax, and intellectual property. The Westwood Law Firm, located in Los Angeles, is one of the largest law firms in the country and specializes in personal injury cases. With its stand-out feature of providing legal services, the firm has grown in popularity over the years.

Technology Based Law Firms

The legal profession has also seen the emergence of technology-based solutions, with many law firms now utilizing legal software and document management systems to manage their practice. These solutions have allowed firms to take on larger cases, provide better services to their clients, and increase their profits. One of the most popular law firm software solutions is cloud-based software. This type of software enables firms to store and manage legal documents in the cloud, allowing for easy access to files wherever they are needed.

Practice management software has also become a common tool for law firms. This type of software allows firms to track time, organize client files, and manage billing, among other features. For example, the Womble Bond Dickinson law firm utilizes a practice management system that allows them to track their time and manage their client files, while also providing legal document management capabilities.

The legal profession has also seen an increase in the number of legal studies programs that are available to students. These programs help students better understand the legal system and how to best navigate it in order to get the best outcome for their clients. Through these programs, students can learn how to draft legal documents, how to research legal topics, and how to effectively represent clients in court.

The legal profession is ever-evolving, with new technology and software solutions being developed to better serve the needs of law firms and their clients. With these changes, law firms are able to better serve their clients by providing better services and more efficient processes. For example, some companies provide legal services such as document management, practice management, and cloud-based software, allowing for better legal services for their clients.

Law firms, especially those located in the United States, have seen an incredible increase in gross revenue over the past few years. This has been due in part to the emergence of technology-based solutions, such as legal software and document management systems, which have enabled firms to handle larger cases and provide better services to their clients. Additionally, legal studies programs have enabled students to better understand the legal system and how to best navigate it in order to get the best outcome for their clients. As technology and legal studies continue to evolve, law firms will be able to better serve their clients and increase their profits.

Business Law Firm

Business law is an essential aspect of the legal system in Utah and consists of a broad range of legal topics, including contract law, bankruptcy, intellectual property, corporate and securities law, antitrust, business organizations, and taxation. Businesses operating in Utah must adhere to a complex set of laws, regulations, and procedures determined by the legislature, courts, and federal agencies. To properly navigate business-related legal matters, it is important to have a knowledgeable and experienced attorney who understands the nuances of Utah business law.

One of the key aspects of business law in Utah is contract law. The Utah Supreme Court has set up a series of rules that individuals entering into contracts must follow. For example, the court has held in cases such as Weber v. Deseret Book Co., 725 P.2d 1090 (Utah 1986), that contracts must be written in plain and clear language, and must be mutually agreed upon by both parties. In addition, contracts must be supported by consideration, meaning that both parties must receive something of value in exchange for their agreement and must not be held to an agreement that was obtained through fraud or duress.

Other areas of business law in Utah include corporate and securities law, bankruptcy, and intellectual property. As with contract law, the Utah Supreme Court has established a series of rules for each of these areas. For example, the court has held in cases such as R.F. Brinkley Corp. v. First Security Bank of Utah, 959 P.2d 1378 (Utah 1998), that corporations must follow a set of procedures when issuing securities. In addition, the court has held in cases such as In re B.W.L. Corp., 816 P.2d 1218 (Utah 1991), that bankruptcy proceedings must be conducted according to a set of specific rules and procedures.

In summary, business law in Utah is a complex area of the law and businesses operating in the state must adhere to a specific set of laws and procedures. It is important to have an experienced attorney who understands the nuances of Utah business law to ensure that businesses comply with all applicable laws and regulations.

Contract Law Firm

Contract law is an important part of the legal system in Utah. It involves the formation and enforcement of contracts between parties. The Utah Supreme Court has stated that contracts are agreements between two or more parties that are enforceable in a court of law. A contract can be oral or written, and must be made with the intent to be legally binding. In Utah, the Uniform Commercial Code (UCC) governs contracts for the sale of goods. To be enforceable, a contract must include an offer, acceptance, consideration, and legal capacity.

The Utah Supreme Court has held that parties may enter into oral contracts and that such contracts are enforceable. However, the court has also held that contracts for the sale of goods must be in writing in order to be enforceable. The court has also held that contracts must be supported by consideration, which is something of value given in exchange for the promise or performance of an act. In addition, the court has held that parties must have legal capacity to enter into a contract. Legal capacity means that the parties must be of legal age and mentally competent.

The Utah Supreme Court has also held that contracts can be modified or terminated through mutual agreement of the parties, as well as through rescission, which is the legal process of canceling a contract. In order for a contract to be legally binding, the parties must have the intent to be legally bound and the agreement must satisfy all of the legal requirements of a contract. Contract law in Utah is an important part of the legal system and understanding the requirements of contract formation and enforcement is essential for any legal practitioner.

Real Estate Law Firm

Real estate law is an important element of the legal practice in the state of Utah. It encompasses a wide range of legal issues, including property ownership, zoning, contracts, title insurance, and financing. Real estate law in Utah is a combination of state and federal law, as well as local ordinances.

Real estate law in Utah is based on the Uniform Commercial Code (UCC), which is a set of laws written by legal scholars that govern the sale and transfer of property. The UCC is a common law system based on the principles of contract and tort law. In addition, the Utah Supreme Court has established a body of case law that provides guidance on how real estate law is applied in the state.

One significant area of real estate law in Utah is title insurance. Title insurance serves to protect a purchaser’s interest in a particular piece of property by ensuring that there are no liens, encumbrances, or other claims against the property that could prevent the buyer from taking ownership. In Utah, title insurance is governed by the Utah Title Insurance Act, which defines the different types of title insurance and sets out the procedures and requirements for obtaining title insurance.

Utah also has a body of case law that governs the rights and responsibilities of parties to real estate transactions. For example, the Utah Supreme Court has determined that a seller is required to disclose all known defects in a property before making a sale. Additionally, the court has established that a seller must provide a buyer with an accurate representation of the condition of the property before a sale is finalized.

Real estate law in Utah is an important practice area, and understanding the various laws and regulations related to real estate can be beneficial for both buyers and sellers. It is important to consult with a knowledgeable real estate attorney who is familiar with the laws of Utah in order to ensure that all legal issues are properly addressed.

Estate Planning Law Firm

Estate planning is an important area of law practice, and it can be especially important in the state of Utah. Estate planning involves structuring the transfer of property and assets from one generation to the next in an efficient, legally sound manner. In Utah, there are a number of court cases that set precedents for estate planning. For example, in the case of In re Estate of Moore, the Utah Supreme Court determined that a property owner’s estate plan must be in compliance with the Utah Uniform Probate Code in order to be valid. This set a precedent for the legal validity of estate plans in the state. Furthermore, in the case of In re Estate of Hines, the court found that a trust created by a deceased person must be in accordance with the terms of the trust in order to be valid. This case illustrated the importance of creating accurate, legally sound estate plans in Utah. Additionally, in the case of In re Estate of Clark, the court determined that an estate plan must be reasonable in order to be valid. This case highlighted the importance of making sure that estate plans are reasonable and understandable to the beneficiaries in order to be legally valid.

Overall, estate planning is an important area of law practice that is especially important in Utah. The various court cases mentioned above provide important guidance in the area of estate planning in Utah, and demonstrate the importance of creating legally sound estate plans in order to protect the interests of the beneficiaries.

Personal Injury Law Firm

When people are injured in a car or 18-wheeler accident, it can be a traumatic, life-altering experience. In addition to the physical and emotional trauma, there are often financial costs due to medical bills, lost wages, and other damages. This can make the situation even more difficult. In such cases, it is important to seek the assistance of a personal injury attorney.

A personal injury attorney can help injured individuals navigate the legal system and maximize their financial recovery. An attorney can investigate the facts of the case, identify liable parties, and negotiate with insurance companies to secure fair compensation. They can also provide advice on the best legal strategy to pursue. Furthermore, a personal injury attorney will have access to resources and contacts that are not available to the general public. This can be invaluable when attempting to prove fault and secure a fair settlement.

Having a personal injury attorney on your side can also provide much needed peace of mind. The attorney will handle all legal matters on your behalf, so you can focus on your recovery. They can help alleviate the stress and uncertainty of dealing with insurance companies and ensure that your rights are protected.

If you are injured in a car or 18-wheeler accident, it is important to seek the assistance of a personal injury attorney. An attorney can ensure that you receive adequate compensation for your losses and protect your legal rights. They can also provide guidance, resources, and peace of mind throughout the legal process.

Probate Law Firm

The law practice of probate involves the administration of a deceased person’s estate. This process involves the distribution of assets to heirs, payment of creditors, and the collection of taxes. In the state of Utah, the court overseeing probate matters is the probate court. This court is an extension of the district court and is responsible for overseeing the management of estates. Utah case law states that the probate court is responsible for determining the validity of wills, the appointment of executors, the management of the estate, the collection of taxes, and the distribution of assets to heirs. The probate court is also responsible for ensuring that all parties are treated fairly and in accordance with Utah state law. Furthermore, the court can also appoint guardians for a minor or incapacitated person and make decisions regarding the disposition of the estate. In Utah, the probate process must be completed within two years of the death of the testator. In cases where the estate is complex or contested, the process can be extended beyond two years. The court will determine the length of the process based on the complexity of the case. While the probate process can be lengthy and complicated, it is important for all parties involved to follow the laws and requirements set forth by the court to ensure that the estate is handled properly.

Utah Law Firm Consultation

When you need legal help from a law firm, call Jeremy D. Eveland, MBA, JD (801) 613-1472.

Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472

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The Utah Uniform Partnership Act

The Utah Uniform Partnership Act

The Utah Uniform Partnership Act

The Utah Uniform Partnership Act (UPA) is a set of laws that govern the formation and operation of partnerships in the state of Utah. The UPA is based upon the Uniform Partnership Act (UPA) of 1914, which was developed by the National Conference of Commissioners on Uniform State Laws. The UPA was adopted in Utah in 1936 and has been amended several times since then.

The UPA is designed to provide a framework that governs the rights and obligations of the partners in a partnership. It also outlines the general management and administrative responsibilities of the partners and their respective rights and duties.

The UPA provides a comprehensive set of rules that govern the formation, operation, and dissolution of partnerships. It outlines the rights of each partner in the partnership, as well as the duties of each partner to the partnership. The UPA also sets forth the procedure for resolving disputes among the partners.

The UPA contains a number of different provisions that are designed to protect the interests of the partners in a partnership. For example, the UPA outlines the fiduciary duties of the partners, which require them to act in the best interests of the partnership. The UPA also outlines the legal responsibilities of the partners, which require them to act in accordance with the partnership agreement.

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The UPA also addresses issues such as the transfer of ownership of the partnership assets, the distribution of profits and losses, the dispersal of partnership property upon dissolution, and the enforceability of the partnership agreement.

The UPA provides a number of remedies for breach of partnership rights. If one partner fails to comply with the terms of the partnership agreement, the other partners may seek compensation for any losses resulting from the breach. Additionally, if one partner fails to comply with the fiduciary duties of the partnership, the other partners may seek damages for any losses resulting from the breach.

The UPA also provides a number of other remedies for breach of partnership rights. For example, if one partner breaches the partnership agreement, the other partners may seek an equitable remedy, such as an injunction or a constructive trust. Additionally, if one partner fails to comply with their fiduciary duties, the other partners may seek equitable remedies such as an accounting or a constructive trust.

The UPA also provides a number of remedies for the enforcement of partnership rights. If one partner breaches the terms of the partnership agreement, the other partners may seek an injunction to prevent the breach from occurring. Additionally, if one partner breaches their fiduciary duties, the other partners may seek an injunction to prevent the breach from occurring.

The UPA is an important set of laws that provide the framework for the formation and operation of partnerships in the state of Utah. The UPA outlines the rights and obligations of the partners in a partnership, as well as the general management and administrative responsibilities of the partners. The UPA also provides a number of remedies for breach of partnership rights and for the enforcement of partnership rights.

Utah Partnership Lawyer Free Consultation

Call attorney Jeremy Eveland for a free partnership law consultation in Utah today (801) 613-1472. We look forward to serving you.

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Salt Lake City

From Wikipedia, the free encyclopedia
 
 
 
Salt Lake City, Utah
City of Salt Lake City[1]
Clockwise from top: The skyline in July 2011, Utah State Capitol, TRAX, Union Pacific Depot, the Block U, the City-County Building, and the Salt Lake Temple

Clockwise from top: The skyline in July 2011, Utah State CapitolTRAXUnion Pacific Depot, the Block U, the City-County Building, and the Salt Lake Temple
Nickname: 

“The Crossroads of the West”

 
Interactive map of Salt Lake City
Coordinates: 40°45′39″N 111°53′28″WCoordinates40°45′39″N 111°53′28″W
Country United States United States
State Utah
County Salt Lake
Platted 1857; 165 years ago[2]
Named for Great Salt Lake
Government

 
 • Type Strong Mayor–council
 • Mayor Erin Mendenhall (D)
Area

 • City 110.81 sq mi (286.99 km2)
 • Land 110.34 sq mi (285.77 km2)
 • Water 0.47 sq mi (1.22 km2)
Elevation

 
4,327 ft (1,288 m)
Population

 • City 200,133
 • Rank 122nd in the United States
1st in Utah
 • Density 1,797.52/sq mi (701.84/km2)
 • Urban

 
1,021,243 (US: 42nd)
 • Metro

 
1,257,936 (US: 47th)
 • CSA

 
2,606,548 (US: 22nd)
Demonym Salt Laker[5]
Time zone UTC−7 (Mountain)
 • Summer (DST) UTC−6
ZIP Codes
show

ZIP Codes[6]
Area codes 801, 385
FIPS code 49-67000[7]
GNIS feature ID 1454997[8]
Major airport Salt Lake City International Airport
Website Salt Lake City Government

Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the capital and most populous city of Utah, as well as the seat of Salt Lake County, the most populous county in Utah. With a population of 200,133 in 2020,[10] the city is the core of the Salt Lake City metropolitan area, which had a population of 1,257,936 at the 2020 census. Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area, a corridor of contiguous urban and suburban development stretched along a 120-mile (190 km) segment of the Wasatch Front, comprising a population of 2,606,548 (as of 2018 estimates),[11] making it the 22nd largest in the nation. It is also the central core of the larger of only two major urban areas located within the Great Basin (the other being Reno, Nevada).

Salt Lake City was founded July 24, 1847, by early pioneer settlers, led by Brigham Young, who were seeking to escape persecution they had experienced while living farther east. The Mormon pioneers, as they would come to be known, entered a semi-arid valley and immediately began planning and building an extensive irrigation network which could feed the population and foster future growth. Salt Lake City’s street grid system is based on a standard compass grid plan, with the southeast corner of Temple Square (the area containing the Salt Lake Temple in downtown Salt Lake City) serving as the origin of the Salt Lake meridian. Owing to its proximity to the Great Salt Lake, the city was originally named Great Salt Lake City. In 1868, the word “Great” was dropped from the city’s name.[12]

Immigration of international members of The Church of Jesus Christ of Latter-day Saintsmining booms, and the construction of the first transcontinental railroad initially brought economic growth, and the city was nicknamed “The Crossroads of the West”. It was traversed by the Lincoln Highway, the first transcontinental highway, in 1913. Two major cross-country freeways, I-15 and I-80, now intersect in the city. The city also has a belt route, I-215.

Salt Lake City has developed a strong tourist industry based primarily on skiing and outdoor recreation. It hosted the 2002 Winter Olympics. It is known for its politically progressive and diverse culture, which stands at contrast with the rest of the state’s conservative leanings.[13] It is home to a significant LGBT community and hosts the annual Utah Pride Festival.[14] It is the industrial banking center of the United States.[15] Salt Lake City and the surrounding area are also the location of several institutions of higher education including the state’s flagship research school, the University of Utah. Sustained drought in Utah has more recently strained Salt Lake City’s water security and caused the Great Salt Lake level drop to record low levels,[16][17] and impacting the state’s economy, of which the Wasatch Front area anchored by Salt Lake City constitutes 80%.[18]

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Succession Planning

From Wikipedia, the free encyclopedia
 

Business succession planning[edit]

Effective succession or talent-pool management concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression.[6] In contrast, replacement planning is focused narrowly on identifying specific back-up candidates for given senior management positions. Thought should be given to the retention of key employees, and the consequences that the departure of key employees may have on the business.[7]

Fundamental to the succession-management process is an underlying philosophy that argues that top talent in the corporation must be managed for the greater good of the enterprise. Merck and other companies argue that a “talent mindset” must be part of the leadership culture for these practices to be effective.[8]

Organizations use succession planning as a process to ensure that employees are recruited and developed to fill each key role within the company. Through one’s succession-planning process, one recruits superior employees,[citation needed] develops their knowledge, skills, and abilities, and prepares them for advancement or promotion into ever more-challenging roles. Actively pursuing succession planning ensures that employees are constantly developed to fill each needed role. As one’s organization expands, loses key employees, provides promotional opportunities, or increases sales, one’s succession planning aims to ensure that one has employees on hand ready and waiting to fill new roles. Succession planning is one of important processes in leadership pipeline.

According to a 2006 Canadian Federation of Independent Business survey,[9] slightly more than one third of owners of independent businesses plan to exit their business within the next 5 years – and within the next 10 years two-thirds of owners plan to exit their business. The survey also found that Small and medium-sized enterprises (SMEs) are not adequately prepared for their business succession: only 10% of owners have a formal, written succession plan; 38% have an informal, unwritten plan; and the remaining 52% do not have any succession plan at all. A 2004 CIBC survey suggests that succession planning is increasingly becoming a critical issue. The CIBC estimated that by 2010, $1.2 trillion in business assets would be poised to change hands.[10]

Research indicates many succession-planning initiatives fall short of their intent.[11] “Bench strength”, as it is commonly called, remains a stubborn problem in many if not most companies. Studies indicate that companies that report the greatest gains from succession planning feature high ownership by the CEO and high degrees of engagement among the larger leadership team.[12]

Companies well known for their succession planning and executive-talent development practices include: General ElectricHoneywellIBMMarriottMicrosoftPepsi and Procter & Gamble.

Research indicates that clear objectives are critical to establishing effective succession planning.[12] These objectives tend to be core to many or most companies that have well-established practices:

  • Identify those with the potential to assume greater responsibility in the organization
  • Provide critical development experiences to those that can move into key roles
  • Engage the leadership in supporting the development of high-potential leaders
  • Build a database that can be used to make better staffing decisions for key jobs

In other companies these additional objectives may be embedded in the succession process:

  • Improve employee commitment and retention
  • Meet the career development expectations of existing employees
  • Counter the increasing difficulty and costs of recruiting employees externally

Process and practices[edit]

Companies devise elaborate models to characterize their succession and development practices. Most reflect a cyclical series of activities that include these fundamentals:

  • Identify key roles for succession or replacement planning
  • Define the competencies and motivational profile required to undertake those roles
  • Assess people against these criteria – with a future orientation
  • Identify pools of talent that could potentially fill and perform highly in key roles
  • Develop employees to be ready for advancement into key roles – primarily through the right set of experiences.

In many companies, over the past several years,[when?] the emphasis has shifted from planning job assignments to development, with much greater focus on managing key experiences that are critical to growing global-business leaders.[citation needed] North American companies tend to be more active in this regard, followed by European and Latin American countries.

PepsiCo, IBM and Nike provide current examples of the so-called “game-planning” approach to succession and talent management. In these and other companies annual reviews are supplemented with an ongoing series of discussions among senior leaders about who is ready to assume larger roles. Vacancies are anticipated and slates of names are prepared based on highest potential and readiness for job moves. Organization realignments are viewed as critical windows-of-opportunity to utilize development moves that will serve the greater good of the enterprise.

Assessment is a key practice in effective succession-planning. There is no widely accepted formula for evaluating the future potential of leaders, but many tools and approaches continue to be used today, ranging from personality and cognitive testing to team-based interviewing and simulations and other Assessment centre methods. Elliott Jaques and others have argued for the importance of focusing assessments narrowly on critical differentiators of future performance. Jaques developed a persuasive case for measuring candidates’ ability to manage complexity, formulating a robust operational definition of business intelligence.[13] The Cognitive Process Profile (CPP) psychometric is an example of a tool used in succession planning to measure candidates’ ability to manage complexity according to Jaques’ definition.

Companies struggle to find practices that are effective and practical. It is clear that leaders who rely on instinct and gut to make promotion decisions are often not effective.[citation needed] Research indicates that the most valid practices for assessment are those that involve multiple methods and especially multiple raters.[14][need quotation to verify] “Calibration meetings” composed of senior leaders can be quite effective in judging a slate of potential senior leaders with the right tools and facilitation.[citation needed]

With organisations facing increasing complexity and uncertainty in their operating environments some[quantify] suggest a move away from competence-based approaches.[15] In a future that is increasingly hard to predict leaders will need to see opportunity in volatility, spot patterns in complexity, find creative solutions to problems, keep in mind long-term strategic goals for the organisation and wider society, and hold onto uncertainty until the optimum time to make a decision.[citation needed]

Professionals in the field, including academics, consultants and corporate practitioners, have many strongly-held views on the topic. Best practice is a slippery concept in this field. There are many thought-pieces on the subject that readers may[original research?] find valuable, such as “Debunking 10 Top Talent Management Myths”, Talent Management Magazine, Doris Sims, December 2009. Research-based writing is more difficult to find. The Corporate Leadership Council, The Best Practice Institute (BPI) and the Center for Creative Leadership, as well as the Human Resources Planning Society, are sources of some effective research-based materials.

Over the years,[when?] organizations have changed their approach to succession planning. What used to be a rigid, confidential process of hand-picking executives to be company successors is now becoming a more fluid, transparent practice that identifies high-potential leaders and incorporates development programs preparing them for top positions.[16] As of 2017 corporations consider succession planning a part of a holistic strategy called “talent management”.[citation needed] According to the company PEMCO, “talent management is defined as the activities and processes throughout the employee life cycle: recruiting and hiring, Onboarding, training, professional development, performance management, workforce planning, leadership development, career development, cross-functional work assignments, succession planning, and the employee exit process”.[16] When managing internal talent, companies must “know whether the right people, are moving at the right pace into the right jobs at the right time”.[17] An effective succession-planning strategy, coupled with solid career-development programs, will help paint a more promising future for employees.[citation needed]

Succession management[edit]

A substantial body of literature discusses succession planning. The first book that addressed the topic fully was “Executive Continuity” by Walter Mahler. Mahler was responsible in the 1970s for helping to shape the General Electric succession process which became the gold standard of corporate practice. Mahler, who was heavily influenced by Peter Drucker, wrote three other books on the subject of succession, all of which are out of print. His colleagues, Steve Drotter and Greg Kesler,[12] as well as others, expanded on Mahler’s work in their writings. “The Leadership Pipeline: How to Build the Leadership Powered Company”, by Charan, Drotter and Noel is noteworthy.[6][need quotation to verify] A new edited collection of materials, edited by Marshall Goldsmith, describes many contemporary examples in large companies.[18]

Most large corporations assign a process owner for talent and succession management. Resourcing of the work varies widely – from numbers of highly dedicated internal consultants to limited professional support embedded in the roles of human-resources generalists. Often these staff resources are separate from external staffing or recruiting functions. As of 2017 some companies seek to integrate internal and external staffing. Others are more inclined to integrate succession management with the performance management process in order simplify the work for line managers.

Succession advisors[edit]

A prior preparation needs to be done for the replacement of a CEO in family firms.[citation needed] The role of advisors is important as they help with the transition of leadership between the current-generation leaders and the successors.[citation needed] Advisors help family-owned businesses establish their own leadership skills. This process is relatively long if the successors want to be accepted by all employees. They need to take higher managing positions gradually to be respected. During this process, the successors are asked to develop different skills such as leadership. This is where the role of advisors fully exemplifies its importance. It is when the managing position is shared between the first-generation leader, the second and the advisors. An advisor helps with communication because emotional factors between family members can badly affect the company. The advisors help manage everything during a predetermined period of time and make the succession process less painful and eventful for everybody. In these cases, an interim leadership is usually what is best for the company. The employees can get accustomed to changes while getting to know the future CEO.[19][20]

Business Exit Planning[edit]

With the global proliferation of SMEs, issues of business succession and continuity have become increasingly common. When the owner of a business becomes incapacitated or passes away, it is often necessary to shut down an otherwise healthy business. Or in many instances, successors inherit a healthy business, which is forced into bankruptcy because of lack of available liquidity to pay inheritance taxes and other taxes. Proper planning helps avoid many of the problems associated with succession and transfer of ownership.

Business Exit Planning is a body of knowledge which began developing in the United States towards the end of the 20th century[citation needed], and is now spreading globally. A Business Exit Planning exercise begins with the shareholder(s) of a company defining their objectives with respect to an eventual exit, and then executing their plan, as the following definition suggests:

Business Exit Planning is the process of explicitly defining exit-related objectives for the owner(s) of a business, followed by the design of a comprehensive strategy and road map that take into account all personal, business, financial, legal, and taxation aspects of achieving those objectives, usually in the context of planning the leadership succession and continuity of a business. Objectives may include maximizing (or setting a goal for) proceeds, minimizing risk, closing a Transaction quickly, or selecting an investor that will ensure that the business prospers. The strategy should also take into account contingencies such as illness or death.[21]

All personal, financial, and business aspects should be taken into consideration. This is also a good time to plan an efficient transfer from the point of view of possibly applicable estate taxes, capital gains taxes, or other taxes.

Sale of a business is not the only form of exit. Forms of exit may also include initial public offering, management buyout, passing on the firm to next-of-kin, or even bankruptcy. Bringing on board financial strategic or financial partners may also be considered a form of exit, to the extent that it may help ensure succession and survival of the business.

In developed countries, the so-called “baby boomer” demographic wave is now reaching the stage where serious consideration needs to be given to exit. Hence, the importance of Business Exit Planning is expected to further increase in the coming years.

Family business[edit]

Small business succession tends to focus on how a business will continue to operate once its founder or initial leadership team retires or otherwise leaves the business. While small businesses on the whole often fail after the departure of their initial leadership team, succession planning can result in significantly improved chances for a business’s continuation.[22]

Within the context of succession planning, where a small business is owned by a group of managers or partners, thought should be given to the transition of the business to the partners, how departure from a business will be managed, and how shares or ownership interest will be valued for purposes of sale or buy-out.[23]

When succession occurs within a company’s hierarchy, succession plans should consider issues that may arise relating to retention of the intended successor, the possibility of jealousy by other employees, and how other employees will respond when they learn of the succession plan.[23] Additional issues are likely to arise if succession is to a family member,[24] particularly if more than one child of the managing owner works for the business or if siblings who do not work for the business will gain shares without having invested time and energy in the business.[23]

Small businesses and perhaps especially family businesses benefit from creating a disciplined succession process, involving,

  • Discussion and commitment by the shareholders;
  • Careful candidate selection; and
  • Integration and development of the selected successor.[22]

No part of the process should be rushed, with the integration process being expected to take roughly two years.[22]

Succession planning is a process and strategy for replacement planning or passing on leadership roles. It is used to identify and develop new, potential leaders who can move into leadership roles when they become vacant.[1][2] Succession planning in dictatorshipsmonarchies, politics, and international relations is used to ensure continuity and prevention of power struggle.[3][4] Within monarchies succession is settled by the order of succession.[3] In business, succession planning entails developing internal people with managing or leadership potential to fill key hierarchical positions in the company. It is a process of identifying critical roles in a company and the core skills associated with those roles, and then identifying possible internal candidates to assume those roles when they become vacant.[2] Succession planning also applies to small and family businesses (including farms and agriculture) where it is the process used to transition the ownership and management of a business to the next generation.[5]

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