» Retirement/Succession

An Overlooked Obstacle to Succession Planning

January 4th, 2021
Law firm succession planning is certainly getting its share of attention these days. It makes sense, too, considering one-third of the attorney population will be made up of boomer lawyers (those 65 years of age or older) within the next 10 years. ... Read More
Categories: Retirement/Succession

Succession Planning Challenges? Don’t Let Them Hold You Back.

October 8th, 2020
With Baby Boomers retiring left and right, law firm leaders everywhere are talking about succession planning. Yet, much like the weather, no one seems to be doing much about it. Legal consultants Altman Weil report that only 31% of its surveyed law firms had formal policies in place. ALM Legal Intelligence puts the number at 33%. ... Read More
Categories: Retirement/Succession

Reassessing When to Retire During a Pandemic

September 8th, 2020
Deciding when to retire, now more than ever, has become a moving target. In the best of times, it’s never a simple decision. Lots of variables to consider and assumptions to make. But with Covid-19, past careful thinking for many has been thrown to the wayside. Pundits galore have been making predictions about Covid-19’s impact on retirement. Here’s one more. ... Read More
Categories: Retirement/Succession

Practice Makes Perfect, Even When Planning for Retirement

June 8th, 2020
You should “practice retirement.” According to the 2018 Global Retirement Reality Report, only about half of Americans are happy in retirement even with financial security. If more retirees would have practiced retirement before retiring, the number of happy retirees would increase substantially. ... Read More
Categories: Retirement/Succession

Hypocrisy and Selfishness Abound When Failing to Plan for Succession

April 15th, 2020
If there was ever a wake-up call for solo and small law firm owners to create their succession plans, it is now. COVID-19 is a serious health risk that, as I write, is showing no signs of when it will go away. ... Read More
Categories: Retirement/Succession

If There’s a Will, There’s a Way: Comparing Succession Planning to Estate Planning

January 7th, 2020
I was recently reading the business section of my local newspaper and came across an article on the importance of having a will. The focus of the article was on how to prevent people from delaying getting the task accomplished. The writer asked several financial planners for the best strategies they use to help their clients complete this task. ... Read More
Categories: Retirement/Succession

Preparing for the Unexpected & the Inevitable: Law Firm Succession Planning for Disability & Death

October 1st, 2019
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
Categories: Retirement/Succession

Valuing & Distinguishing Goodwill When Planning Your Firm’s Succession

May 6th, 2019
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
Categories: 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
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We needed some ideas about succession planning; more specifically, how to best transition our practice to our non-equity partners. We wanted to make sure that any proposed buyout was a fair one for all parties. We received thoughtful, timely and very…" Read the rest
– Owners, small Minneapolis, MN, law firm
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Blog Index

Strategic Planning Information Sources
Pricing a Law Firm When Selling to an Insider
Top 6 Reasons to Hire a Paralegal Over a Lawyer
Appraising a Law Practice in Different Settings
Pro Bono: Doing Good Feels Good
Buying a Law Practice: Not as Risky or Complicated as You Think
Working Part-Time Before Retiring From Your Law Practice
Paying a Premium for a “System”
An Overlooked Obstacle to Succession Planning
Don’t Be Afraid to Raise Your Legal Fees
Assessing a Law Firm’s Revenue: All Is Not Created Equally
Succession Planning Challenges? Don’t Let Them Hold You Back.
Your Competition Is Lazy: Three Things Small Law Firms Can Do to Find New Business Now
Reassessing When to Retire During a Pandemic
Does Passion Equal Happiness on the Job?

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