Payal Salsburg Quoted in Mass Lawyers Weekly on Law Firm Succession Planning

Smith Kane partner Payal Salsburg was recently quoted in a Massachusetts Lawyers Weekly article covering succession planning challenges facing small and midsize law firms. The article is entitled “Are small, midsize firms facing succession planning crisis?” and discussed Payal’s firsthand account of Smith Kane’s recent successful leadership transition.

In the article, Payal describes the firm’s multi-year transition plan that was put into motion three years ago when co-founder and former partner Marc C. Laredo decided to run for mayor of Newton. Payal explained that the plan addressed three critical areas: transition of leadership, transition of the business, and transition of client relationships.

Payal emphasized the importance of reassuring clients that the firm’s approach to practicing law would continue under the firm’s new leadership, noting that this was particularly important for the firm’s small business clients. As part of the plan, upcoming junior partners and senior associates were actively involved in the firm’s cases so that clients knew them by name well before the transition took effect.

Payal shared that the transition was seamless while co-founding partner Mark Smith stepped back from an active administrative role and Matthew Kane succeeded Marc Laredo as managing partner.

Payal shared several takeaways from the firm’s experience that she believes are relevant to other small and midsize firms. She urged firm leaders to start planning early rather than waiting until transitions become urgent, noting that the wave of baby boomer attorneys who have been running small and midsize firms are reaching retirement age. While she emphasized it is not an immediate crisis, planning needs to begin early for how firms will sustain their practices as partners retire.

Payal also stressed the importance of having a written transition plan and of engaging junior partners and senior associates in the process early, so they are prepared to take on expanded roles. She acknowledged that attorneys of a younger generation may not always be interested in taking on the business side of a small-firm practice, which may require firms to consider bringing in lateral hires or exploring mergers with other small firms to keep the practice going.

The full article is available to subscribers at Massachusetts Lawyers Weekly.