55% of Law Firms Have No Succession Plan - And in 2026 the Blocker Is Not Reluctance, It's That Nobody Can Prove What the Practice Is Actually Worth

A 2026 survey found 55% of law firms have no succession plan and another 23% are unsure. Meanwhile 16% of partners say they will retire within five years. The usual explanation is that partners avoid the conversation. The more uncomfortable explanation is that most firms cannot produce the financial evidence a succession deal requires - client-level margin, transferable revenue, and clean trust records - so the conversation has nowhere to go.