Why Succession Planning in Professional Services Firms Isn't an HR Exercise
In the first episode of The Value Conversation, David Whitson-Black explains why succession planning is about business continuity, what it costs when people leave and what buyers will want to see.
I've launched The Value Conversation, a podcast that explores what creates value in a professional services firm and for the clients it serves. Each episode is a conversation with someone speaking from their own experience of building, leading or changing a firm. You can listen on Spotify and Apple Podcasts, or watch on YouTube.
The first episode looks at succession planning in professional services firms. My guest, David Whitson-Black, has more than 20 years' experience in talent, leadership and organisational capability across professional services and regulated financial services. He spent 11 years with Campbell Dallas and the group that later became Azets, where his remit grew to include succession, leadership development and workforce capability.
This article draws together five points from our conversation, quoting David throughout. You can watch or listen to the full episode below.
Succession planning is about business continuity
David's starting point is that "succession planning is about business continuity". Some people treat it as an HR exercise. In his words, "it's not an HR exercise". It supports where the business needs to go and the people in it.
He gives examples of what that means in practice. A firm may be relying on one person, or it may lose good people and need to fill the gap. When someone who maintains or builds client relationships leaves, their knowledge, leadership and technical expertise "can disappear with them".
The cost of losing people
David describes "quite a significant commercial risk involved in losing people". The first cost he names is recruitment, whether that means a recruitment agency or the salaries of internal recruiters. Lost productivity follows. As he puts it, "the gap between them leaving and someone joining can have a big impact on the business."
At partner level, more is at stake. A partner commands high rates and has clients who could be affected when they leave. Adding these costs together, David says, "the cost of losing someone and finding someone new can be quite impactful for a business." He also notes that one firm's cost will differ from another's, so each firm should at least consider what losing someone would cost it.
Separately, the Five Forces Analysis 2026 found that losing someone senior is expensive, often because clients leave with them. The report also found no formal estimate of the full cost of losing a partner.
What buyers will ask about succession
David's advice to owners thinking about selling the business or bringing in investment, "whether that be private equity or otherwise", is to expect close questions about people risk. "All of the people coming in to buy your business will want to understand what you have in place," he says.
He expects buyers to ask whether you have a strong leadership team, what happens if someone leaves and who will step in. "They will want to know that that business continuity has been thought about and the risks have been mitigated if we lose people." The same applies, he adds, to an owner planning to retire who wants the business to continue to grow.
Start with an emergency successor
When someone in a critical role leaves suddenly, David asks whether the firm has what he calls an "emergency successor". He describes this as "someone that can come in and step in and do this for a period of time until we find the right person for that role."
That person "could be a sidestep for someone", or someone who can do the role but doesn't want it. Once cover is in place, the firm can decide how to fill the gap. David notes that this often means recruiting externally, whether a permanent employee, a contractor, a consultant or an interim.
The map is easy. The value is in the conversation
Drawing a succession map is the simple part. In David's words, "someone can sit down with a bit of paper and a pen and do that." What follows is where he places the value. "The value's in the conversation and what happens after."
Those conversations ask whether the firm truly understands the potential of its people, what their journey looks like and how they are performing. They test whether the right people are in the firm's talent pipeline for these roles, now or in future.
David also says "someone needs to own it", with the skills and capability to manage the process. He points to the value of an HR director or HR leader "who is commercial". Firms without one, he says, need to think about how they obtain those skills and that knowledge.
Questions and answers
Is succession planning in professional services firms an HR exercise?
David Whitson-Black says it isn't. He describes succession planning as business continuity, because client relationships, knowledge, leadership and technical expertise can leave with a person. Planning for that supports where the business needs to go.
What is an emergency successor?
An emergency successor is someone who can step into a role for a period after someone leaves, until the firm finds the right person for it. David notes it could be a sidestep for someone, or someone who can do the role but doesn't want it.
What will buyers ask about succession?
David expects buyers and investors, including private equity, to ask whether the firm has a strong leadership team, what happens if someone leaves and who will step in. They will want to see that business continuity has been thought about and that the risks of losing people have been mitigated.
What does it cost to lose a partner?
The cost varies by firm. David lists recruitment, lost productivity between someone leaving and a replacement joining, and the effect on the partner's clients. The Five Forces Analysis 2026 found that at partner level the largest cost is often the clients who leave too, and it found no formal estimate of the full cost of losing a partner.
Who should own succession planning?
David says someone needs to own it, with the skills and capability to manage the process. He points to an HR director or HR leader who is commercial. Firms without one, he says, need to think about how they obtain those skills and that knowledge.
What it means for your firm
How these points apply depends on your firm, its clients and its people. The Value Readiness Check is one way to look at where your firm stands. It has 32 questions, takes about six minutes and gives you an instant, personalised report on your firm's strengths and gaps.
If anything in this conversation raises a question about your own firm, I'd be glad to talk it through. You can email me at j.lancaster@practiceedge.ie.
Listen to the full episode
"Succession isn't an HR exercise" with David Whitson-Black is available on Spotify, Apple Podcasts and YouTube. You can also watch three short clips from the conversation on YouTube.
About David Whitson-Black
David Whitson-Black is a senior talent, leadership and organisational capability leader with more than 20 years' experience across professional services and regulated financial services. His work has spanned talent and performance, leadership development, succession, strategic workforce planning, early careers, learning, and organisational capability, often in businesses undergoing significant growth or change.
David spent 11 years with Campbell Dallas and the group that later became Azets. He joined to build the firm's learning and development capability beyond technical training, then progressed through increasingly senior roles as the organisation grew through acquisition and integration. His remit expanded to include early careers, talent, performance, succession, leadership development, workforce capability and future skills, including AI capability.
Earlier in his career, David spent 12 years with esure in learning and capability roles within a regulated insurance environment. He now undertakes selected interim, fractional and advisory work through Groveworks alongside his broader work in talent, leadership and organisational capability.
Connect with David on LinkedIn: linkedin.com/in/davidblack79
About The Value Conversation
I host The Value Conversation to explore what creates value in a professional services firm and for the clients it serves. Each episode is a conversation with someone speaking from their own experience of building, leading or changing a firm. Episode 2, with Roman Seredyński of UHY Poland, looks at growth, leadership and the value of an international network. You can follow the series on Spotify, Apple Podcasts and YouTube.
