Solos and Small Firm Owners: Don’t Delay Your Succession Planning

December 28th, 2017

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. ... Read More

Categories: Attorney Retirement

Succession Planning Scenarios for Solos & Small Law Firm Owners

September 13th, 2017

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

Categories: Attorney Retirement, Selling a Law Practice

How to Retain Clients When a Lawyer Retires: Plan for the Skill Gap

August 4th, 2017

A critical component of a law firm’s succession plan is to figure out how to retain the firm’s best clients when senior lawyers retire. Most law firms quickly jump to determine who in the firm is either ready to step up or ready to undertake proper mentoring and training to step up in the future. Before making this determination, however, it is important to ask several questions. ... Read More

Categories: Attorney Retirement

Preparing Your Practice for Sale? Don’t Do Stupid S**t.

June 5th, 2017

Soon-to-be retired solo practitioners and small law firm owners who are thinking of selling their law firms frequently ask, “Is there anything special or unique that I should do now to maximize my practice’s value?” Whenever I hear that question, I can’t help but think of President Obama’s remark about how to best manage world affairs: “Don’t do stupid s**t.” That advice holds true for lawyers contemplating selling their practice. ... Read More

Categories: Selling a Law Practice

Succession Planning: Don’t Delay Identifying New Leaders

March 29th, 2017

I recently attended a CLE with approximately 25 other people. Two individuals introduced themselves as managing partners of their small law firms. Both were in their 60s and both indicated their firms had not yet identified logical successor candidates to lead when they retire. The situation these partners find themselves in is not unusual. ... Read More

Categories: Attorney Retirement

Appraising a Law Firm for a Buy-In: CPA’s Need Not Apply

February 1st, 2017

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

Categories: Selling a Law Practice

A Rule of Thumb for Valuing a Law Practice Is Not to Use the Rule of Thumb

November 14th, 2016

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

Categories: Selling a Law Practice

Should Your Career Expire When Your Lease Does?

October 4th, 2016

Clients often ask me, “Roy, what’s the biggest mistake solo practitioners and small firm owners make when considering their retirement/succession strategies?” My answer? Attorneys permit their office situation, specifically a lease obligation, to muck things up. Continue reading this post at www.attorneyatlaw.com. Read More

Categories: Attorney Retirement

Lawyers Must Make Room for the Future

August 12th, 2016

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

Categories: Uncategorized

How to Be Successful at Succession Planning

April 14th, 2016

Mark Twain is said to have remarked, “Everybody talks about the weather, but nobody does anything about it.” That quote came to mind when I heard about a new book by veteran law firm consultant John W. Olmstead, “The Lawyer’s Guide to Succession Planning: A Project Management Approach for Successful Law Firm Transitions and Exits.” The fact that such a book has been published indicates the legal profession is talking more about succession planning. Yet are today’s lawyers and firms actually doing anything about succession? Facts Don’t Lie In 1980, only a quarter of the legal profession was older than 55. Today, well over a third of lawyers are. That means that more than a third of those practicing today will likely not… Read More

Categories: Attorney Retirement