There are numerous benefits for selling your law practice when it’s time for retirement:
- Earn a payout for all the sweat equity you've invested to build your successful law practice and enhance your financial security for retirement.
- Guarantee a means to have your valued clients serviced at the same level of quality they have grown accustomed to.
- Avoid the mess you will inevitably cause for your spouse, family, colleagues and friends if you die at your desk.
First Things First: Does Your Practice Have Value?
Before you can sell, however, you must first determine how much your law practice is worth.
Attorney coach and consultant Roy Ginsburg will provide you with a comprehensive written appraisal of your law firm that contains no CPA-type mumbo jumbo.
Next, Which Succession Path Is Right for You?
Once Roy understands your practice and its value, he will then learn about your personal transition objectives, your vision of a “perfect” exit and your flexibility in attaining your goals. He’ll then deliver a report with recommendations to realize your firm’s maximum value consistent with your goals.
Under most circumstances, Roy will advise one of the following:
- Have your associate buy you out. Your best buyer may already be working for you. If your associate has the “right stuff” to take over, this option should be considered first.
- Sell your law practice to a third party. You can sell your practice outright to a third party. (Yes, it is ethical to sell a practice in the vast majority of states.) This provides you with cash, a future revenue stream, or both.
- Go “of counsel” with a different law firm. Very similar to a sale, under this option another law firm either acquires your practice or your practices merge together. You receive a compensation package that takes into account the book of business you bring and transition to other lawyers at the new firm.
- Downsize your practice. For certain practice areas, there may be more value in scaling things down in a more profitable manner rather than finding a successor.
Take Control of Your Firm’s Future
Succession planning can bring up uncomfortable thoughts. The truth is you can’t avoid the end of your time practicing law.
Make sure your family, clients, and colleagues avoid the inevitable confusion and turmoil caused by the failure to plan properly. Don't put it off any longer. The time is now to create a proactive strategy to find your successor. And, to do it well, do it with a professional.
Contact Roy Ginsburg to Help You Devise Your Succession Plan
Roy Ginsburg is an accomplished and experienced lawyer coach and consultant who has been helping solo practitioners and small firm owners devise exit strategies for more than a dozen years. Additionally, he’s been a practicing lawyer for more than three decades. In short, he has the insight you need to make smart choices as you exit the legal profession.
Roy works with lawyers nationwide. Learn more by reading testimonials from past clients, calling Roy at (612) 812-4500 or sending Roy an email.