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

It’s that time of year when lawyers decide whether to raise their hourly rates or fixed fees. Many fear doing so, believing they will either be unable to attract new clients , or will incur the wrath of existing ones. Such worries are exaggerated; your practice will not suffer. And when you examine your bottom line after 2025, you will see that I was right. Here’s why. ... Read More

CPAs, appraisers, and other business evaluators use various valuation methods to value law firms. To be quite frank, none should be relied upon as a valuation technique for legal practices. In this post, I’ll break down the common valuation methods. I’ll briefly explain how each method works and how it falls short in measuring the value of a law firm. ... Read More

The most common exit strategies for retiring solo practitioners and small law firm owners typically include recruiting a successor, merging with another law firm, selling the practice, or shutting it down. However, one strategy is often overlooked, though it may make the most sense regarding finances and personal well-being. That strategy is downsizing. ... Read More

Succession planning is a demanding journey with many unknowns. As the spouse, you're more than just a passenger—you're the co-pilot. Whether you are a co-owner at the firm, an employee, or simply a curious and supportive partner, your involvement in succession planning is crucial. As a spouse, you bring a unique perspective to the process, whether or not you work at the firm. With that support, a few well-placed nudges, and the occasional "I told you so" (play this latter card VERY carefully), you can help guide your law firm owner spouse make a smooth transition out of the legal profession. ... Read More

As more attorneys who are Baby Boomers retire, many of them are choosing law firm mergers as a succession plan. If you're a solo or small law firm owner planning to exit practice in the next 5-10 years, merging with another firm may be your best option. ... Read More

Succession planning is not merely a task to check off; it’s an opportunity to ensure your legacy. You only get one chance to exit the legal profession. Do it wisely. ... Read More