The Flaws of the "Recruit Your Successor" Exit Strategy

One retirement exit strategy often considered by solo practitioners is the "recruit your successor" one. The idea behind this strategy is to find a young, inexperienced lawyer who is then groomed to take over the practice. During the initial stage of the transition (usually one or two years), the seller and buyer get to know one another. If the fit seems good, the parties then negotiate a "buy out" going forward (usually another one to three years).

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Categories: Attorney Retirement

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I found all of Roy's assistance to sell my law practice extremely helpful. Perhaps what I appreciated the most about his services was his sensitivity to the emotions that I experienced while going through the entire process . . ." Read more
– Solo practitioner, Hopkins, MN

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