There are, on occasion, certain situations where it makes little sense to transition one’s practice to another attorney. At times, the best exit strategy may include restructuring or downsizing the firm's operations.
This can be an attractive and viable option for attorneys who think along these lines.
For some, even after downsizing, there remains the possibility that the practice has sufficient value and can be transitioned. And even if there’s nothing left to sell by downsizing, there is no need to lose sleep thinking that you left money on the table because you retired too soon. Chances are good that you probably made more money working those last few years than what you could have obtained by selling. In other words, your retirement nest egg didn’t suffer at all.
If you're considering downsizing as your law firm exit strategy, call Roy Ginsburg at (612) 524-5837 or contact him by email. Roy is an experienced attorney coach, consultant and practicing attorney. He can help you craft a succession plan that best fits you and your practice.