Best Practice Tips: Law Firm Succession Planning – Getting the Conversation Started
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. Our firm is a 17-attorney business law firm in Chicago. Our clients consist of mid-size companies and a few Fortune 500 companies. There are eight partners and nine associates in the firm. Four of the eight partners are in their early 60s and the other four partners are in their 40s and 50s. The four senior partners are the founders of the firm. Consequently, we have not had to deal with succession of partners until now. While we realize that we need to be thinking about succession planning, we have not made much headway. The senior partners are reluctant to discuss their retirement plans and timelines. We would appreciate your thoughts and suggestions.
Fraud can happen to anyone, but who is responsible for catching it? On Feb. 14, 2013, Rita Crundwell, former comptroller for Dixon, Ill., was sentenced to 19 and a half years in prison for stealing more than $53 million from the city during a 20-year period. Subsequent to her conviction, the city successfully sued its auditors, settling their claim against them for $40 million. 