Boosting Revenue Before Retiring

November 3rd, 2023
A small law firm owner client who wants to retire in 3-4 years recently asked me, “Is it a good idea to try to grow my revenues during my last years to enhance my firm’s value when it’s time to sell a few years down the road?” Sorry, but there is no simple answer, and I will fall back on the two words lawyers love to tell their own clients: “It depends.” ... Read More
Categories: Selling a Law Practice

Investing for a Satisfying Retirement

October 6th, 2023
When planning for retirement, most lawyers think long and hard about how best to invest their financial assets. They want to maximize their financial health. Few, however, think about how they should invest their time to maximize their physical and emotional health during retirement. The answer is to invest in their relationships with family and friends. A long-running study out of Harvard University concludes that the best predictor of longevity, health, and happiness as we age is the quality of our relationships. ... Read More
Categories: Attorney Retirement

The Problem of Too Few Rural Lawyers

September 13th, 2023

About 10 years ago, in “Be a Small Town Lawyer,” I wrote about the shortage of lawyers in rural America and the abundant career opportunities for attorneys willing to venture outside of metropolitan areas. What has changed since then? Not much. The shortage is very real. Here are some recent statistics.

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Categories: Attorney Retirement

Succession Planning Client Transitions – “Show Me the Money”

July 5th, 2023
Boomer lawyers are retiring in record numbers. Many are the same ones with the biggest book of business. Does your firm have a strategy to transition those clients to your firm’s younger generation? And remember: hope is not a strategy. ... Read More
Categories: Attorney Retirement

Retirement Phases

May 8th, 2023
Retirement, for most Americans, lasts about 15-20 years. Many plan for it in a very one-dimensional manner. That is, they only think about whether they will have enough money to live the life they want. Few, however, think about what they are actually going to do during those years, and how to best plan for that. ... Read More
Categories: Attorney Retirement

Dementia and Aging Boomer Lawyers

April 3rd, 2023

The number of attorneys practicing after reaching the age of 65 has grown by more than 50% in the past decade. Roughly 15% of all practicing lawyers are 65 or older. As a group, we also seem to work longer than others. Only 7% of the general workforce stays employed beyond 65.

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Categories: Selling a Law Practice

Associate Buyouts - Better Than You Think

February 1st, 2023
Many small firm owners wrongly assume that finding a third-party buyer hoping for a more lucrative deal is preferable to making an internal deal with an associate. At times, that is true, but more often than not, it is not. Owners should be more receptive to the exit strategy of selling to associates. Let’s first debunk some assumptions owners make when comparing the two options. ... Read More
Categories: Selling a Law Practice

The Three “Do Nots” of Law Firm Buyers

January 4th, 2023
I’ve written before about how buying a law firm can be a very effective, low-risk, and low-cost means to grow a practice. That said, what is it about the legal profession that, on occasion, makes it more challenging to sell a practice than hoped? As a consultant and coach, I’ve worked with hundreds of lawyers of all shapes and sizes in virtually every state and practice area. From that experience, I’ve become somewhat of an expert in understanding the DNA of those in our profession. Here are three fundamental truths in the DNA that impact buyer behavior. I call them the “do-nots.” ... Read More
Categories: Selling a Law Practice

Removing Succession Planning Obstacles

December 7th, 2022
With so many lawyers contemplating retirement, your law firm succession plan has never been more important. Take a careful look at your law firm’s most influential leaders and biggest rainmakers. Chances are good that these individuals will be retiring over the next decade. Is your law firm prepared for this seismic generational transition? The impact will be felt well beyond the law firm itself. ... Read More
Categories: Selling a Law Practice

The Contingent Exit Strategy

November 1st, 2022
I recently worked with two elder solo attorneys in excellent health. They wanted to work 2-3 more years at almost a full-time pace. However, they were old enough and wise enough to know that a sudden health issue could derail all of that if they didn’t make a plan soon. I’ve written before about the risks of dying at your desk. Suffice it to say that if that occurs, you leave a mess for clients, staff, and especially grieving spouses and children. Further, selling a practice is way more difficult without the owner around. And even if it can be done, it is usually at fire sale terms. ... Read More
Categories: Selling a Law Practice
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