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

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

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

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

For most lawyers, the decision when to retire is rarely black and white. Instead, the choice comes with lots of gray (that goes along with your gray hair!). To help you find the right time, think about these questions: Do you still have the fire in your belly? Are you still excited about going into the office, or do you dread the thought? Have you been on the receiving end of subtle or not-so-subtle suggestions from family, friends or colleagues that perhaps it’s time to slow down? How do you feel physically? Is your mental edge still there? How often do you have “senior moments?” How healthy are your parents? Will you need to help them through their own sunset years? How is your spouse’s or significant other’s health? What are his or her retirement plans? Do you laugh or cringe when you hear the oft-told retirement joke, “For better or for worse, but not for lunch.” Have you reached your “number” so you can afford to retire? Do you have any idea what you are going to do when you retire? (Don’t count on being content with just playing golf and sampling new local restaurants and movies.) What’s on your bucket list? Do you have enough time, money and the requisite health so you can start to check things off? Get Out Your Crystal Ball But always remember the Yiddish expression, “Mann traoch; Gott lauch.” This translates into, “Man plans; God laughs.” So go ahead and plan, but also plan to be flexible. Enjoy your retirement! Read More

The most common exit strategies for retiring solo practitioners and small law firm owners typically include recruiting a successor, merging with another law firm, or selling the practice. All of these options have advantages and disadvantages. Continue reading this post at www.myshingle.com Read More