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

As a small law firm owner thinking about retirement, you are likely looking to your own associate to be your successor. This decision is not one to enter lightly, however. Before you make anything official, you need to consider whether your associate has the talent and the skills to pull it off. Just because the associate handles files well has no bearing on whether they can successfully operate a law firm. ... Read More

As the legal landscape evolves, so does the necessity for seasoned attorneys to devise solid exit strategies as they approach retirement. Particularly in the wake of recent global events like the COVID pandemic, the urgency of these plans has become starkly apparent. ... Read More

The most common reason why practices close is retirement. Although many lawyers would probably prefer to simply ride off into the sunset when they’ve decided to call it a career, the rules of professional conduct dictate otherwise. The duty of competent representation requires an obligation to protect client interests, which in turn, requires planning and time. Failure to properly plan one’s exit from the profession could harm the interests of clients, as well as cause financial and emotional stress to former partners and family members left to clean up the mess ... Read More

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