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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
Closing vs. Selling a Law Practice: Why Not Get Money for Your Efforts?
April 4th, 2018
Are you a solo lawyer or small-firm owner facing retirement? Then, like most Boomer lawyers out there, you’re contemplating the option of selling your law practice. ... Read More
Categories: Selling a Law Practice
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
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
Appraising a Law Firm for a Buy-In: CPAs 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.) What the exp… Read More
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