Lawyers are notorious for thinking of ways things can go wrong for their clients and then determining the best ways to protect their clients from them. One calamity few lawyers ever consider, however, is their own unexpected disability that puts their career on hold—or worse, their death. ... Read More

Lawyers aren’t just advising private equity (PE) firms anymore, they’re becoming investors themselves, taking a page straight from the PE playbook. While the legal profession debates whether PE should own law firms, some lawyers have already made their move, quietly stepping into the role of investors themselves. ... Read More

If your firm is like many solo and small law firms, a significant portion of your firm’s value derives from the amount of business your website generates. When selling a law firm—be it an actual sale or a transition to another firm as “of counsel”—it is therefore critical that the buying firm retains the benefit of the seller’s previous website traffic. ... Read More

It should come as no surprise that many of today’s successful small to medium-size law firm founders are Boomers who are retiring in unprecedented numbers. These leaders hope to cash out and enhance their retirement nest eggs through either buyout payments from younger partners, or contractual post-retirement formulaic obligations that resemble pension payouts. ... Read More

Much of rural America can be described as a legal desert — vast distances where attorneys are few and access to justice falls short. For years, small towns and remote communities have struggled to attract and retain lawyers, forcing residents to navigate legal issues with little to no professional guidance. While these challenges aren’t new, recent demographic shifts and systemic barriers are adding a new layer of complexity to the mix. ... Read More

Are you a solo lawyer or small-firm owner facing retirement? Then, like most Boomer lawyers out there, you’re contemplating the option of selling your law practice. ... Read More

When it comes to the future of their law firms, solo practitioners and small law firm owners frequently delay or entirely avoid doing what is necessary for succession planning. Numbers don’t lie. Thomson Reuters’ State of U.S. Small Law Firms reports that succession planning is a focus for less than a quarter of law firms. I would also strongly suspect that even if 25% say they are “focusing” on succession planning, I’d be shocked if more than 10% were doing anything about it. ... Read More

By far, the two biggest reasons clients contact me to put together an exit plans are: Unexpected failing health of the lawyer or the lawyer’s spouse The office lease is close to expiring The first reason is understandable and out of one’s control. But the second? When family and friends ask why you have chosen this very time to retire, do you really want your answer to be, “Well, my lease was up”? ... Read More