Downsizing or Restructuring Your Law Firm
Sometimes it doesn’t make sense to transition your practice to another attorney, but for various reasons, you may not be ready to close your firm’s doors altogether. Depending on your needs, the best exit strategy may be to restructure or downsize your firm's operations.
Downsizing might be right for you if:
- You can’t imagine what life would be like if you couldn’t practice law.
- You want a less hectic practice but retiring completely doesn’t make financial sense.
- You want a gradual slowdown over an extended period.
- Your practice area has little value in the marketplace.
- Your firm’s practice is too small to make it worth searching for a successor.
Attorney coach Roy Ginsburg can help you evaluate whether restructuring or downsizing your practice is the best option for you.
Selling After Downsizing
Even after downsizing, some practices may have sufficient value that an eventual sale is an option. And even if there’s nothing left to sell after you downsize, you won’t have 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 gotten by selling sooner. In other words, your retirement nest egg didn’t suffer at all because you decided to downsize.
Learn More About Downsizing Your Law Firm
You don’t have to figure out how to exit your law practice on your own. Roy Ginsburg has successfully helped dozens of attorneys who faced the same challenges, and he will help you downsize or develop another custom law firm exit strategy that fits your retirement goals. Let Roy answer your questions and work with you to identify your next steps. Roy works with lawyers nationwide. Call him today at (612) 524-5837 or connect online.