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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
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
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
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
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
Is it Time to Retire?
January 28th, 2016
For most lawyers, the decision of 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 answer the question, “is it time to retire?”, 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 s… Read More
Categories: Attorney Retirement
Size Matters
August 14th, 2014
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 about why law firm size matters in this post at www.myshingle.com Read More