» Attorney Retirement

Reassessing When to Retire During a Pandemic

Deciding when to retire, now more than ever, has become a moving target. In the best of times, it’s never a simple decision. Lots of variables to consider and assumptions to make. But with Covid-19, past careful thinking for many has been thrown to the wayside. Pundits galore have been making predictions about Covid-19’s impact on retirement. Here’s one more. ... Read More
Categories: Attorney Retirement

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

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

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

Failing Health Causes Failed Succession

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?

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

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I was at a crossroads with my creditor bankruptcy firm and needed to make some serious decisions about my career. I turned to Roy to help me. When working together, I liked the contemplative nature of his questions, things I would never ask myself or…" Read more
– Small law firm owner, Chicago, IL

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