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Recruiting Your Successor (Promising Premise, Perilous in Practice)

One retirement exit strategy often considered by solo practitioners and small law firm owners is the "recruit your successor" one. The idea behind this strategy is to find a young, inexperienced lawyer who is then groomed to take over the practice. ... Read More
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Fearing Retirement? Don’t Worry, Be Happy!

Last month, I went out to dinner with some friends. One friend announced to the group that, after working for a large telecommunications company for more than 25 years, he was being offered an opportunity to retire early with some very nice incentives. He further informed us that he had intended to retire within the next year. So, the offer was not going to change his planned retirement date in any significant manner. ... Read More
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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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