What if the future owner of your law firm isn’t another lawyer? Not long ago, that idea would have seemed preposterous. But the times today are a-changing. In a post earlier this year, I discussed the emerging trend of lawyers assuming investor roles, rather than practicing law, within law firms. And now, there’s another trend on the horizon: Management Services Organizations, or MSOs. This business model has already disrupted other professions such as dental, medicine, and accounting. Some of you reading this are now the targets of these investor-lawyers. ... Read More

It’s a mystery why so many lawyers assume part-time practice is only for new moms and dads. The reality is that part-time work can be a smart and strategic move for senior attorneys who want to step back without stepping away. For solo and small firm lawyers, it provides a gradual transition that maintains strong client relationships, ensures steady income, and allows time to plan for a full retirement. ... Read More

Succession is perhaps the most significant long-term challenge facing soon-to-be-retired, baby-boomer solo practitioners and small law firm owners. This is understandable, as a variety of psychological and emotional factors stack the odds against you laying the foundation for a smooth transition. ... Read More

Decades of legal practice mold the brain. But when the work stops, the brain begins to change, bringing consequences that are rarely discussed but widely felt. The legal profession demands constant mental engagement. Over time, this sharpens a lawyer’s ability to anticipate problems and navigate complexity with precision. But emotional transitions don’t follow the same process. ... Read More

When it comes to planning your law firm’s succession, a primary area of concern for your successor is whether your clients will choose to work with that successor after you leave. One way to assess that is to evaluate the type of goodwill that exists with your clients and whether that goodwill carries any transferrable value. ... Read More

You have spent years building your practice, but what happens when you step away? For solo attorneys, retirement is not just about closing cases and notifying clients. It’s also about ensuring peace of mind, knowing that nothing from your past practice will come back to haunt you. This includes malpractice claims that could surface years after you stop practicing. ... Read More

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

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