Practice Makes Perfect, Even When Planning for Retirement

You should “practice retirement.” According to the 2018 Global Retirement Reality Report, only about half of Americans are happy in retirement even with financial security. If more retirees would have practiced retirement before retiring, the number of happy retirees would increase substantially. ... Read More
Categories: Attorney Retirement

Hypocrisy and Selfishness Abound When Failing to Plan for Succession

If there was ever a wake-up call for solo and small law firm owners to create their succession plans, it is now. COVID-19 is a serious health risk that, as I write, is showing no signs of when it will go away. ... Read More
Categories: Attorney Retirement

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

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