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

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

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

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

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

Appraising a Law Firm for a Buy-In: CPAs Need Not Apply

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

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

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

Should Your Career Expire When Your Lease Does?

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

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.) What the exp… Read More
Categories: Uncategorized

Is it Time to Retire?

For most lawyers, the decision when to retire is rarely black and white. Instead, the choice comes with lots of gray (that goes along with your gray hair!). To help you find the right time, think about these questions: Do you still have the fire in your belly? Are you still excited about going into the office, or do you dread the thought? Have you been on the receiving end of subtle or not-so-subtle suggestions from family, friends or colleagues that perhaps it’s time to slow down? How do you feel physically? Is your mental edge still there? How often do you have “senior moments?” How healthy are your parents? Will you need to help them through their own sunset years? How is your spouse’s or significant other’s health? What are hi… Read More
Categories: Attorney Retirement

Closing Time: Best Practices When Closing a Law Practice

The most common reason why practices close is retirement. Although many lawyers would probably prefer to simply ride off into the sunset when they’ve decided to call it a career, the rules of professional conduct dictate otherwise. The duty of competent representation requires an obligation to protect client interests, which in turn, requires planning and time. Failure to properly plan one’s exit from the profession could harm the interests of clients, as well as cause financial and emotional stress to former partners and family members left to clean up the mess ... Read More

Size Matters

The most common exit strategies for retiring solo practitioners and small law firm owners typically include recruiting a successor, merging with another law firm, or selling the practice. All of these options have advantages and disadvantages. Continue reading this post at www.myshingle.com Read More
Categories: Attorney Retirement