Finding Buyers for Your Law Practice

November 11th, 2019
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
Categories: Selling a Law Practice

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

October 1st, 2019
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?

August 6th, 2019
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
Categories: Selling a Law Practice

Valuing & Distinguishing Goodwill When Planning Your Firm’s Succession

May 6th, 2019
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?

February 6th, 2019
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
Categories: Selling a Law Practice

Fearing Retirement? Don’t Worry, Be Happy!

December 1st, 2018
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?

October 8th, 2018
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
Categories: Selling a Law Practice

Failing Health Causes Failed Succession

August 8th, 2018
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

Should My Associate Be My Successor?

July 16th, 2018
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
Categories: Attorney Retirement

Compensating Retiring Lawyers for Client Transition Efforts

May 10th, 2018
A key aspect of any law firm succession plan is keeping the firm’s best clients when the rainmakers are gone. As more Boomers retire or start their winding down efforts, concerns about client retention and proper compensation are at the forefront of succession plan conversations. ... Read More
Categories: Attorney Retirement
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I hired Roy to help me value my criminal defense firm with the idea of passing it along to my senior associate. He forced me to pay attention to facets of the practice that I had overlooked. When all of his suggested changes have been implemented, I…" Read more
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Blog Index

Paying a Premium for a “System”
An Overlooked Obstacle to Succession Planning
Assessing a Law Firm’s Revenue: All Is Not Created Equally
Succession Planning Challenges? Don’t Let Them Hold You Back.
Reassessing When to Retire During a Pandemic
What Can Law Firm Sellers Ethically Do During a Transition?
Practice Makes Perfect, Even When Planning for Retirement
Hypocrisy and Selfishness Abound When Failing to Plan for Succession
Recruiting Your Successor (Promising Premise, Perilous in Practice)
If There’s a Will, There’s a Way: Comparing Succession Planning to Estate Planning
Finding Buyers for Your Law Practice
Preparing for the Unexpected & the Inevitable: Law Firm Succession Planning for Disability & Death
Including Office Space as Part of a Law Firm Sale?
Valuing & Distinguishing Goodwill When Planning Your Firm’s Succession
How Do You Value a Firm When Selling to an Insider?

See our complete Blog Index.

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