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What if the future owner of your law firm isn’t another lawyer? Not long ago, that idea would have seemed preposterous. But the times today are a-changing. In a post earlier this year, I discussed the emerging trend of lawyers assuming investor roles, rather than practicing law, within law firms. And now, there’s another trend on the horizon: Management Services Organizations, or MSOs. This business model has already disrupted other professions such as dental, medicine, and accounting. Some of you reading this are now the targets of these investor-lawyers.

Law practices are often valued in divorce proceedings. As such, lawyers frequently assume that it should be relatively easy to apply similar valuation principles when trying to sell a practice. Nothing can be further from the truth.

Each year, Clio’s Legal Trends Report offers a snapshot of where the legal industry is—and where it’s going. The 2025 edition highlights how firms are adapting to new technology, shifting client expectations, and evolving workforce dynamics.

It’s a mystery why so many lawyers assume part-time practice is only for new moms and dads. The reality is that part-time work can be a smart and strategic move for senior attorneys who want to step back without stepping away. For solo and small firm lawyers, it provides a gradual transition that maintains strong client relationships, ensures steady income, and allows time to plan for a full retirement.

Succession is perhaps the most significant long-term challenge facing soon-to-be-retired, baby-boomer solo practitioners and small law firm owners. This is understandable, as a variety of psychological and emotional factors stack the odds against you laying the foundation for a smooth transition.

Decades of legal practice mold the brain. But when the work stops, the brain begins to change, bringing consequences that are rarely discussed but widely felt. The legal profession demands constant mental engagement. Over time, this sharpens a lawyer’s ability to anticipate problems and navigate complexity with precision. But emotional transitions don’t follow the same process.

When it comes to planning your law firm’s succession, a primary area of concern for your successor is whether your clients will choose to work with that successor after you leave. One way to assess that is to evaluate the type of goodwill that exists with your clients and whether that goodwill carries any transferrable value.

If you’re like me, you have been scared to read the newspaper (the few who still do) or check your favorite online news source to learn what the Trump administration has done and continues to do to the legal profession.