Succession planning is a demanding journey with many unknowns. As the spouse, you're more than just a passenger—you're the co-pilot. Whether you are a co-owner at the firm, an employee, or simply a curious and supportive partner, your involvement in succession planning is crucial. As a spouse, you bring a unique perspective to the process, whether or not you work at the firm. With that support, a few well-placed nudges, and the occasional "I told you so" (play this latter card VERY carefully), you can help guide your law firm owner spouse make a smooth transition out of the legal profession. ... Read More

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

As more attorneys who are Baby Boomers retire, many of them are choosing law firm mergers as a succession plan. If you're a solo or small law firm owner planning to exit practice in the next 5-10 years, merging with another firm may be your best option. ... Read More

Lawyers tend to be great planners. They’re skilled at imagining possible scenarios and creating plans to minimize risk. However, there is one area that lawyers typically struggle to face with clarity and logic: their very own retirement. ... Read More

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

Downsizing for 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… Read More

As the legal landscape evolves, so does the necessity for seasoned attorneys to devise solid exit strategies as they approach retirement. Particularly in the wake of recent global events like the COVID pandemic, the urgency of these plans has become starkly apparent. I’m an attorney with over 40 years in practice, and a seasoned consultant for attorneys. I’ve guided 200+ solo practitioners and small law firm owners across various specialties in crafting their departure strategies. This blog post explores three critical mistakes that lawyers should avoid to ensure their exit from legal practice is as smooth as possible. ... Read More

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. Here are some of the best practices when closing a law firm. ... Read More