Recruiting Your Successor (Promising Premise, Perilous in Practice)

One retirement exit strategy often considered by solo practitioners and small law firm owners 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. ... Read More
Categories: Attorney Retirement

If There’s a Will, There’s a Way: Comparing Succession Planning to Estate Planning

I was recently reading the business section of my local newspaper and came across an article on the importance of having a will. The focus of the article was on how to prevent people from delaying getting the task accomplished. The writer asked several financial planners for the best strategies they use to help their clients complete this task. ... Read More
Categories: Attorney Retirement

Finding Buyers for Your Law Practice

There are a variety of ways to find buyers. Some attorneys try to do it on their own. From a DIY perspective, usually the best ways to get the word out that you’re looking for a buyer are through networking and advertising. Others who don’t want to take the time and effort to find buyers on their own rely on consultants and brokers. Besides saving time, using outside experts provides other advantages from the DIY method. They include: ... Read More

Preparing for the Unexpected & the Inevitable: Law Firm Succession Planning for Disability & Death

Lawyers are notorious for thinking of ways things can go wrong for their clients and then determining the best ways to protect their clients from them. One calamity few lawyers ever consider, however, is their own unexpected disability that puts their career on hold—or worse, their death. ... Read More
Categories: Attorney Retirement

Including Office Space as Part of a Law Firm Sale?

Small-firm owners and solo practitioners looking to sell their law firms frequently believe that their particular office space—whether owned or leased—significantly enhances the value of their practice. They usually base this belief on the office’s superior location or their upscale furnishings and design. ... Read More

Valuing & Distinguishing Goodwill When Planning Your Firm’s Succession

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. ... Read More
Categories: Attorney Retirement

How Do You Value a Firm When Selling to an Insider?

Valuing a law firm for sale is never as straightforward as one might like. This is especially true when looking to sell to an insider. ... Read More

Fearing Retirement? Don’t Worry, Be Happy!

Last month, I went out to dinner with some friends. One friend announced to the group that, after working for a large telecommunications company for more than 25 years, he was being offered an opportunity to retire early with some very nice incentives. He further informed us that he had intended to retire within the next year. So, the offer was not going to change his planned retirement date in any significant manner. ... Read More
Categories: Attorney Retirement

What Happens to Your Website if You Sell Your Practice?

If your firm is like many solo and small law firms, a significant portion of your firm’s value derives from the amount of business your website generates. When selling a law firm—be it an actual sale or a transition to another firm as “of counsel”—it is therefore critical that the buying firm retains the benefit of the seller’s previous website traffic. ... Read More

Failing Health Causes Failed Succession

More lawyers are working well into their 70s. Indeed, I am no longer surprised when I meet lawyers still practicing in their 80s. What’s behind this growing trend of aging attorneys? ... Read More
Categories: Attorney Retirement

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Roy and I both agreed that my best exit strategy for my estate planning practice was to seek an "of counsel" position at another firm. His advice was particularly valuable when together, we vetted the various firms. He knew all . . ." Read more
– Of Counsel, mid-sized law firm, Detroit, MI

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