Succession planning helps firms survive 

Ben Keller remembers an experience at a law firm years ago: Two longtime associates glimpsed a senior partner lunching with one of his most important clients — and the partner’s son, whom the partner had just brought into the firm.
“Well, both of those guys saw that and said ‘I’ve been working for this guy for [...]

Mentor talent to find next generation of leaders 

Knowledge may be difficult to acquire, but one goal presents an even greater challenge to an organization — passing it on.
A law firm’s mentoring program can affect the talent pool from which successive generations of leaders can emerge.
“At a large law firm like ours, it is just like any other business,” said Frank P. Wolff [...]

Smoother transitions occur with plan in place 

Russell Welsh can laugh about it now as a “learning experience.”  But in 1998, when he took the reins as chairman and CEO at the Kansas City firm Polsinelli Shalton Flanigan Suelthaus, it wasn’t funny.
“It was just one day the old managing partner said ‘I’m not doing this anymore,’” Welsh recalled. “There was no transition. [...]

Unloading a law practice can be a load of work 

Like many attorneys these days, you may be thinking of selling your law practice. Whether the reason is the sagging economy or the retirement of baby boomers, the number of law practices for sale is rising.
“The calls I’m getting to help sell a law practice has increased at least threefold since the beginning of the [...]

How to keep your firm’s clients 

Losing any important lawyer from the firm can result in the most dreaded transition of all — loss of clients.
“Those in the business will tell you ‘I’ve got control of my clients, and everything is good,’” said Ben Keller, a partner at Lathrop & Gage.
But if you ask lawyers if they’re nervous about what could [...]

Succession preparation 

Bob Sigoloff was a gregarious St. Louis lawyer who eagerly networked with his fellow solo and small firm attorneys.

His death in February after a sudden round of seizures shocked the legal community and left his grieving daughter with a big problem.

Sigoloff, who had been living with his daughter (pictured with her sons) in O’Fallon, left boxes of client files and records stacked around her house.

Bob Sigoloff left no plan for the succession of his practice. His situation illustrates the stress a lawyer’s death or serious illness can cause for clients and family.

View our special section on Succession Planning