After over 15 years advising retiring lawyers, one reality stands out: selling a law firm is far less universal than many believe. A sale assumes transferable client relationships, a willing, capable successor, and a business that can operate independently of the current owner. In smaller firms, those conditions are not always present. ... Read More

I recently worked with two elder solo attorneys in excellent health. They wanted to work 2-3 more years at almost a full-time pace. However, they were old enough and wise enough to know that a sudden health issue could derail all of that if they didn’t make a plan soon. I’ve written before about the risks of dying at your desk. Suffice it to say that if that occurs, you leave a mess for clients, staff, and especially grieving spouses and children. Further, selling a practice is way more difficult without the owner around. And even if it can be done, it is usually at fire sale terms. ... Read More

When small firm owners fail to secure a successful exit, it’s rarely a market issue. More often than not, they get in their own way long before the market ever enters the picture. I’ve spent over fifteen years having conversations with lawyers considering retirement, and I’ve noticed a clear pattern. When those conversations don’t progress, it’s rarely because the attorney decided to work with someone else. It’s usually because the lawyer isn’t ready to confront the decisions in front of them. This post will explore some of the most common ways lawyers unintentionally undermine their own exit from practice. ... Read More

Whether a lawyer works in a firm or as a solo, he or she does not close up shop one day and ride off into the retirement sunset the next. Many lawyers gradually wind down their practices—over months or years—and transition to part-time before retiring completely. Historically, law firms use the “of counsel” designation for lawyers nearing retirement. ... Read More

Most retiring lawyers assume the most challenging part of selling their firm will be finding the right buyer or negotiating the best deal. In truth, it is the emotional side of the transition that surprises them the most. ... Read More

Building your firm was hard. Deciding it was time to retire was likely harder. But telling your staff you are moving on? For small firm owners, that might be the hardest task of all. ... Read More

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