For those approaching the end of their legal career, the phrase means, do you keep plugging away working, or is it time to fold them and start playing an entirely new game called retirement? So how do you know? Here are some questions to ask yourself on when you should retire. ... Read More

Nonlawyer ownership of law firms provides a “new, fertile hunting ground” for private equity firms, but is it improving access to justice? Over two years ago, I wrote a post, “What’s New in Law Firm Ownership.” What was new was that two states (Arizona and Utah) and the District of Columbia were allowing nonlawyers to own law firms. Since then, other states have not rushed to do the same, and that state of affairs is unlikely to change soon. ... Read More

For personal injury law firm owners thinking about leaving practice, there’s good news and bad news regarding selling a personal injury law firm. First, the good news. Unlike most practices, personal injury practices have a real monetary value and a relatively easy manner to determine that value, even if the owner decides to shut the firm down. At times, this value can be significant and easy to monetize. ... Read More

Lawyers, by their very nature, are competitive. So, it should come as no surprise that for many lawyers, “winning” means making more money than other lawyers. If you’re in Big Law, it’s not very difficult to get a good idea whether you are “winning.” Associate salaries are widely publicized, and to a lesser extent, so is partner compensation. Indeed, a lot of the jumping around one sees in Big Law, is driven by the knowledge that, at least when it comes to compensation, you know whether the grass is greener on the other side of the fence. ... Read More

What are the mechanics of buying and selling a law firm? First, let’s go back to law school for a moment. For those of you who have never done transactional work during your career, law firm buyers purchase the firm’s equity or assets. In the former situation, the entity remains in place. In asset deals, buyers acquire assets that are then placed in the buyer’s existing entity.

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As a consultant, I’ve worked with many lawyers frustrated by their law firm’s dysfunction. For some, an obvious solution to escape the toxic environment is to go solo and hang out the proverbial shingle. But counterintuitively, these same lawyers who can confidently tell their clients what to do when faced with legal problems don’t have the faith in themselves to strike out on their own. Read full article on Attorney At Work Read More

A small law firm owner client who wants to retire in 3-4 years recently asked me, “Is it a good idea to try to grow my revenues during my last years to enhance my firm’s value when it’s time to sell a few years down the road?” Sorry, but there is no simple answer, and I will fall back on the two words lawyers love to tell their own clients: “It depends.” ... Read More

When planning for retirement, most lawyers think long and hard about how best to invest their financial assets. They want to maximize their financial health. Few, however, think about how they should invest their time to maximize their physical and emotional health during retirement. The answer is to invest in their relationships with family and friends. A long-running study out of Harvard University concludes that the best predictor of longevity, health, and happiness as we age is the quality of our relationships. ... Read More