If you are not ready to close your law firm’s doors, but it doesn’t make sense to transition your practice to another attorney, you may be looking for a third option. Depending on your needs, the best exit strategy may be restructuring or downsizing your law firm.

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.

Downsizing may help you maintain a fulfilling professional presence in the legal world while reducing the stress of managing a more extensive operation. This approach tailors your business operations to suit your lifestyle better as you approach retirement.

Attorney consultant/coach Roy Ginsburg can help you evaluate whether restructuring or downsizing your practice is your best option.

Strategic Considerations for Successful Law Firm Downsizing

By choosing to downsize, you prioritize quality over quantity. You now select clients or cases that truly matter to you, allowing for deeper and more meaningful engagement. Successfully downsizing requires careful planning. This might mean increasing your rates, investing in technology to streamline operations, or outsourcing certain administrative tasks to free up your time for more valuable work.

Benefits of a Restructured Practice

A restructured firm is often easier to manage, requiring less administrative support and fewer resources, and should reduce both your overhead costs and stress. It also can free up time and energy for personal pursuits or pro bono work, further enriching your professional life and contributing positively to the community.

Further, cultivating a strong network of fellow attorneys to whom you can refer matters that no longer fit your practice can keep your professional relationships strong and ensure your clients’ needs are continuously met.

Selling After Downsizing

Even after downsizing, some practices will still have enough 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 you could have gotten by selling sooner. In other words, your retirement nest egg didn’t suffer at all because you decided to downsize.

“I am in my mid-50s with a successful solo plaintiff’s PI practice. I have enough saved to afford to slow down and fully retire, but wanted to put that off until my early 60s. I worked with Roy to brainstorm the various alternatives. He quickly helped me eliminate certain options and steered me toward downsizing and restructuring my practice in a way that would provide me with almost as much money as I have historically earned.

I have been doling out legal advice for decades. Receiving expert advice was something I was not used to. It was very much welcomed. Roy’s perceptive analysis and thoughtful insights have been exceptionally beneficial.”

– Solo practitioner, Casper, WY

Learn More About Law Firm Downsizing

You don’t have to figure out how to exit your law practice alone. Roy Ginsburg has successfully helped dozens of attorneys who faced the same challenges; 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.

Contact Roy Ginsburg today if you’re considering downsizing your law firm as part of your exit strategy, or if you need help managing a more comprehensive restructuring process. Partner with a strategic advisor who can help you refine your practice in a way that sets you up for a more comfortable retirement.

Roy works with lawyers nationwide. Call him today at (612) 524-5837 or connect online for more information on law firm downsizing.