If there’s anything the COVID-19 pandemic has taught us, it’s that a lot of factors affecting our daily lives are out of our control. There are steps we can take, however, to prepare for the unthinkable or unexpected.

If you’re a practicing lawyer in your 60s or 70s, one step you can take is to put a succession plan in place. If you don’t think you need one, or haven’t even considered creating one yet, it’s time to acknowledge why so you can move past any roadblocks and take care of business.

Which Mindset Has Held You Back from Making Law Firm Succession Plan?

Do any of these mindsets sound familiar?

• You’ve been unable to save for a rainy day and your savings are woefully inadequate for retirement. All you have time to think about is paying the bills.
• You love what you do. You’re focused on closing the next deal or winning the next case.
• You hate what you do but you fear the unknown of retirement. You follow the mantra, “better the devil I know than the devil I don’t.” You’re uncomfortable with change.
• You don’t see yourself as a strategic thinker and often say to yourself, “Everything has worked out fine so far, so why bother trying to strategize now?”
• You believe you’re indispensable to so many people: your family, clients, staff, and community. What would they do if you handed over the reins to someone else?
• Your identity is so wrapped up in being a lawyer you can’t imagine going through life in any other way. The law has been—and will always be—your first and only true love.

If even just one of the above sounds like you, then you are likely to benefit from Roy’s book, “Exit Strategies for Lawyers”.

"I run a highly successful employment law boutique and sought out Roy's expertise for my exit strategy. What stood out to me about his services was his capacity to inspire confidence. Speaking with authority and from a wealth of experience, Roy quickly gained my trust. I was eager to heed his advice, confident that he was steering me correctly. His guidance was truly invaluable."

– Small law firm owner, Los Angeles, CA

When you spend a lifetime investing your time, energy, and resources in an enterprise, it only makes sense to recoup as much of that investment as you can. This principle especially applies when your life's work has been building a law practice.

Attorney coach Roy Ginsburg has over four decades in the practice of law, as well as years of experience helping other attorneys develop and manage their law practices. He’s worked with practices in 46 of the 50 United States, and with over 200 firms across 30 different practice areas. Few people have that level of experience helping lawyers thrive, succeed, and move on from practice.

As a natural outgrowth of this experience, Roy now presents "Exit Strategies for Lawyers," an e-book designed to help attorneys extract value from their practices when it's time to transition to retirement.

The exit strategies e-book has helpful guidance for all lawyers, and especially for those in small or solo practices. It includes invaluable information on preparing for retirement, determining what your practice is worth, and how to convert that value into income for a retirement that is as successful as your career has been.

Here Are A Few Topics Included in The Book “Exit Strategies for Lawyers”:

Retiring at the Right Time and in the Right Way

Timing is crucial when planning retirement from a law practice. How can you determine the optimal moment to step back, ensuring financial security and professional legacy?

Appraising a Law Practice

Understanding the value of your law practice is fundamental to a successful exit strategy. What methodologies can you use to accurately appraise your firm and maximize its worth?

The Difference Between Professional Goodwill and Practice Goodwill

Distinguishing between professional and practice goodwill is essential for both a valuation and a sale. Which one will have value for a potential buyer? How does each type of goodwill impact the overall value of your law practice?

Associate Buyouts

Associate buyouts are a popular exit strategy, but they require careful planning and execution. What are the key considerations to ensure a smooth transition and fair valuation?

Third-Party Sales (Selling and Going "Of Counsel")

Selling to a third party and transitioning to an "of counsel" role can provide continuity for your clients and benefit both you and the buying attorney—if you do it right.

Distinguishing a Good Buyer from a Poor One

Identifying the right buyer is crucial for the success of the sale and the future of the practice. What traits and qualifications should you look for in a potential buyer to ensure a compatible match?

Structuring Deals

The structure of the deal can significantly affect both immediate income and long-term benefits. How can you structure your deal to balance up-front payment with sustainable, long-term benefits?

Ethics Issues

Navigating the ethical considerations in law practice transitions is mandatory. What are the common ethical dilemmas you might face, and how can you address them to maintain professional integrity?

Downsizing

Downsizing before retirement can simplify the transition and reduce overhead. How can strategic downsizing improve operational efficiency and increase the appeal of your practice to buyers?

Succession Planning Strategies for Medium and Large Law Firms

Effective succession planning is vital for larger law firms to ensure leadership continuity and firm stability. What strategies can be implemented to cultivate new leaders and prepare them for future roles?

“My husband unexpectedly passed away and I was forced to find a successor for his small business law practice. I didn’t know where to turn. Roy definitely got the job done! It looked “easy” from my end, but that is because Roy’ experience let him home in right away on what type of law practice might be a good fit. I ended up with three viable options.”

– Widow of solo practitioner, Bay area, CA

No book currently available speaks as frankly to lawyers about the retirement process and how to navigate the challenges skillfully.

Purchase your copy of Exit Strategies for Lawyers today; it’s a small investment that can yield big returns not only financially, but in peace of mind.