» Retirement/Succession

Failing Health Causes Failed Succession

August 8th, 2018
More lawyers are working well into their 70s. Indeed, I am no longer surprised when I meet lawyers still practicing in their 80s. What’s behind this growing trend of aging attorneys? ... Read More
Categories: Retirement/Succession

Should My Associate Be My Successor?

July 16th, 2018
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
Categories: Retirement/Succession

Compensating Retiring Lawyers for Client Transition Efforts

May 10th, 2018
A key aspect of any law firm succession plan is keeping the firm’s best clients when the rainmakers are gone. As more Boomers retire or start their winding down efforts, concerns about client retention and proper compensation are at the forefront of succession plan conversations. ... Read More
Categories: Practice Management, Retirement/Succession

How to Approach Difficult Conversations About Succession Planning

February 8th, 2018
Talking about a firm’s future is hard enough. Build onto that the need to plan for a future that doesn’t include a senior attorney… Talk about awkward! There is also fear on the part of younger lawyers. It can often feel confrontational to approach senior lawyers and ask about their future plans. ... Read More
Categories: Retirement/Succession

Solos and Small Firm Owners: Don’t Delay Your Succession Planning

December 28th, 2017
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
Categories: Retirement/Succession

Succession Planning Scenarios for Solos & Small Law Firm Owners

September 13th, 2017
For solo practitioners and small law firm owners seeking retirement, here is a quick, down-and-dirty summary of the succession plan strategies available to you. Put another way, here are three structural ways that soon-to-be retired lawyers can “sell” their practices. ... Read More
Categories: Retirement/Succession, Selling Your Practice

How to Retain Clients When a Lawyer Retires: Plan for the Skill Gap

August 4th, 2017
A critical component of a law firm’s succession plan is to figure out how to retain the firm’s best clients when senior lawyers retire. Most law firms quickly jump to determine who in the firm is either ready to step up or ready to undertake proper mentoring and training to step up in the future. Before making this determination, however, it is important to ask several questions. ... Read More
Categories: Business Development, Retirement/Succession

Succession Planning: Don’t Delay Identifying New Leaders

March 29th, 2017
I recently attended a CLE with approximately 25 other people. Two individuals introduced themselves as managing partners of their small law firms. Both were in their 60s and both indicated their firms had not yet identified logical successor candidates to lead when they retire. The situation these partners find themselves in is not unusual. ... Read More
Categories: Retirement/Succession

Should Your Career Expire When Your Lease Does?

October 18th, 2016
Clients often ask me, “Roy, what’s the biggest mistake solo practitioners and small firm owners make when considering their retirement/succession strategies?” My answer? Attorneys permit their office situation, specifically a lease obligation, to muck things up. Continue reading this post at www.attorneyatlaw.com. Read More
Categories: Retirement/Succession

How to Be Successful at Succession Planning

April 14th, 2016
Mark Twain is said to have remarked, “Everybody talks about the weather, but nobody does anything about it.” That quote came to mind when I heard about a new book by veteran law firm consultant John W. Olmstead, “The Lawyer’s Guide to Succession Planning: A Project Management Approach for Successful Law Firm Transitions and Exits.” The fact that such a book has been published indicates the legal profession is talking more about succession planning. Yet are today’s lawyers and firms actually doing anything about succession? Facts Don’t Lie In 1980, only a quarter of the legal profession was older than 55. Today, well over a third of lawyers are. That means that more than a third of those practicing today will likely not… Read More
Categories: Retirement/Succession
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Roy greatly assisted our firm to face its future and confront current problems. We appreciated his good counsel, responsiveness and availability to “coach.” " Read the rest
– Partner, mid-sized Phoenix AZ, law firm
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Blog Index

How Do You Value a Firm When Selling to an Insider?
Never Forget the Value of Your Firm’s Staff
Fearing Retirement? Don’t Worry, Be Happy!
Debunking the Biggest Rainmaking Myth
What Happens to Your Website if You Sell Your Practice?
Be a Joiner: Networking for Success as a Lawyer
Failing Health Causes Failed Succession
Should My Associate Be My Successor?
Ethical Billing Practices to Keep Your Clients Happy
Compensating Retiring Lawyers for Client Transition Efforts
Closing versus Selling a Law Practice: Why Not Get Money for Your Efforts?
Should a Solo Join a Bigger Law Firm? Is Bigger Better?
So, You Want to Be a Managing Partner? Make Sure You Embody These Qualities First.
How to Approach Difficult Conversations About Succession Planning
Solos and Small Firm Owners: Don’t Delay Your Succession Planning

See our complete Blog Index.

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