You own a small law firm. For the first time, you want to make one of your associates a partial owner. But how do you determine the price of admission for the “buy-in?” Read More

Succession planning is a demanding journey with many unknowns. As the spouse, you're more than just a passenger—you're the co-pilot. Whether you are a co-owner at the firm, an employee, or simply a curious and supportive partner, your involvement in succession planning is crucial. As a spouse, you bring a unique perspective to the process, whether or not you work at the firm. With that support, a few well-placed nudges, and the occasional "I told you so" (play this latter card VERY carefully), you can help guide your law firm owner spouse make a smooth transition out of the legal profession. Read More

For solo practitioners and small law firm owners seeking retirement, here is a quick, down-and-dirty summary of the succession plan strategies available to you. Put another way, here are three structural ways that soon-to-be retired lawyers can “sell” their practices. Read More

As more attorneys who are Baby Boomers retire, many of them are choosing law firm mergers as a succession plan. If you're a solo or small law firm owner planning to exit practice in the next 5-10 years, merging with another firm may be your best option. Read More

Solo practitioners and small law firm owners wanting to know what their practices are worth frequently rely on the “rule of thumb” valuation method. The choice is an easy one to make, because the method is simple; even lawyers who can barely read a balance sheet or a profit and loss statement can understand it. Read More

Lawyers tend to be great planners. They’re skilled at imagining possible scenarios and creating plans to minimize risk. However, there is one area that lawyers typically struggle to face with clarity and logic: their very own retirement. Read More

As a small law firm owner thinking about retirement, you are likely looking to your own associate to be your successor. This decision is not one to enter lightly, however. Before you make anything official, you need to consider whether your associate has the talent and the skills to pull it off. Just because the associate handles files well has no bearing on whether they can successfully operate a law firm. Read More

Downsizing for retirement often goes hand in hand with downsizing your living quarters, whether that means relocating to a warmer climate retirement community or buying the downtown condo in your present area. In either case, most senior attorneys are faced with the issue of finding a place for all of their “stuff.” It can be difficult to throw away items that represent so many sentiments from the past even when you know there is no room for it where you’re going. Welcome to the quandary of downsizing. To begin, we’ll go over some of the conventional wisdom. Then I’ll throw in my own two cents based on recent personal experience. (While I’m not quite ready to retire, I did recently downsize since my children are now all launched… Read More