Succession Planning for Solo Lawyers
So it’s time to hang up your hat and exit the profession. Do you know the best way to leave that allows you to lead the retirement life you want?
Roy Ginsburg is here to help. As a practicing attorney and lawyer coach, Roy brings a unique perspective that helps solo lawyers create succession plans that focus on success. That success can mean anything from cutting back your practice, selling your practice, or continuing to practice with another firm.
Your Firm May Have Value
As a solo, do you have a plan to capture the financial value of your practice? Do you even know how much value to place on your firm?
Attorney Roy Ginsburg can help you turn the value of your practice into actual dollars to help you enhance your retirement lifestyle and benefit your heirs. To do this, Roy will evaluate all aspects of your book of business, as well as the intangible aspects of your practice that may carry value, including your reputation, web presence, phone number and even referral network.
Your Main Succession Planning Options
For a solo practitioner, succession planning generally involves pursuing one of two options:
- Selling your law practice: You can sell your practice outright to a third party. This provides you with either cash, a future revenue stream or both.
- Going “of counsel” with a different law firm: Under this option, another law firm either acquires your practice or you merge with that firm. You receive a compensation package that takes into account the book of business you bring and transition to other lawyers at the new firm.
Regardless of the succession planning path you choose to follow, you will need to understand the value of your firm and what you may be able to obtain for that value. Roy will help you gain this understanding and help you identify your best option. For more information about these options and how to sell your law firm, visit Roy’s Sell Your Law Practice website.
Work With Attorney Roy Ginsburg
If you are ready to move on to the next stage of your life, considering pursuing strategic succession planning with the help of experienced lawyer coach Roy Ginsburg. He serves clients across the country. Call him today at (612) 524-5837 or contact Roy online.