» Selling a Law Practice

If you’re a solo or small firm owner thinking of selling your law firm, for certain practice areas, transitioning repeat clients to the buyer is key. Indeed, the primary reason your firm has value and has a willing buyer are those client relationships that took years to build. Transitioning clients successfully requires managing and finessing human relationships, a task that—even with the best of intentions—is never easy. Everyone has the same goals, including quality, predictability, and trust. Will your successor meet your existing clients’ goals?

Law firm succession planning is certainly getting its share of attention these days. It makes sense, too, considering one-third of the attorney population will be made up of boomer lawyers (those 65 years of age or older) within the next 10 years.

With Baby Boomers retiring left and right, law firm leaders everywhere are talking about succession planning. Yet, much like the weather, no one seems to be doing much about it. Legal consultants Altman Weil report that only 31% of its surveyed law firms had formal policies in place. ALM Legal Intelligence puts the number at 33%.