» Attorney Retirement

How to Retain Clients When a Lawyer Retires: Plan for the Skill Gap

A critical component of a law firm’s succession plan is to figure out how to retain the firm’s best clients when senior lawyers retire. Most law firms quickly jump to determine who in the firm is either ready to step up or ready to undertake proper mentoring and training to step up in the future. Before making this determination, however, it is important to ask several questions. ... Read More
Categories: Attorney Retirement

Succession Planning: Don’t Delay Identifying New Leaders

I recently attended a CLE with approximately 25 other people. Two individuals introduced themselves as managing partners of their small law firms. Both were in their 60s and both indicated their firms had not yet identified logical successor candidates to lead when they retire. The situation these partners find themselves in is not unusual. ... Read More
Categories: Attorney Retirement

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

How to Be Successful at Succession Planning

Mark Twain is said to have remarked, “Everybody talks about the weather, but nobody does anything about it.” That quote came to mind when I heard about a new book by veteran law firm consultant John W. Olmstead, “The Lawyer’s Guide to Succession Planning: A Project Management Approach for Successful Law Firm Transitions and Exits.” The fact that such a book has been published indicates the legal profession is talking more about succession planning. Yet are today’s lawyers and firms actually doing anything about succession? Facts Don’t Lie In 1980, only a quarter of the legal profession was older than 55. Today, well over a third of lawyers are. That means that more than a third of those practicing today will likely not be prac… Read More
Categories: Attorney Retirement

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

Die at Your Desk

More baby boomer solo practitioners and small law firm owners are thinking about their exit strategies. As well they should, considering the conventional wisdom that if “you die at your desk,” you leave money on the table. The reasoning behind this wisdom is simple. As a practical matter, retiring lawyers can expect to extract far more value from a practice while they are still alive. But this wisdom does not hold true for every lawyer ... Read More
Categories: Attorney Retirement

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

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I greatly valued Roy’s advice and counsel because he challenged me to find clarity on the important threshold questions of selling my law firm: why sell, why sell now, what do I do after? If you are thinking of selling your practice . . ." Read more
– Small law firm owner, Washington, DC

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