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Closing Time: Best Practices When Closing a Law Practice
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The most common reason why practices close is retirement. Although many lawyers would probably prefer to simply ride off into the sunset when they’ve decided to call it a career, the rules of professional conduct dictate otherwise. The duty of competent representation requires an obligation to protect client interests, which in turn, requires planning and time. Failure to properly plan one’s exit from the profession could harm the interests of clients, as well as cause financial and emotional stress to former partners and family members left to clean up the mess. Here are some of the best practices when closing a law firm. ... Read More
When Should You Retire?
Knowing when to hold them and when to fold them is more than just a snappy catchphrase. It’s knowing when to move on. In poker, do you keep betting, hoping to win the pot, or do you get out of the hand and hope the next one is better? For those approaching the end of their legal career, the phrase means, do you keep plugging away working, or is it time to fold them and start playing an entirely new game called retirement? So how do you know? Here are some questions to ask yourself on when you should retire. ... Read More
Categories: Attorney Retirement
The Latest in Law Firm Ownership
Nonlawyer ownership of law firms provides a “new, fertile hunting ground” for private equity firms, but is it improving access to justice? Over two years ago, I wrote a post, “What’s New in Law Firm Ownership.” What was new was that two states (Arizona and Utah) and the District of Columbia were allowing nonlawyers to own law firms. Since then, other states have not rushed to do the same, and that state of affairs is unlikely to change soon. ... Read More
Categories: Buying a Law Practice
Selling a Personal Injury Law Firm
For personal injury law firm owners thinking about leaving practice, there’s good news and bad news regarding selling a personal injury law firm. Personal Injury Firms First, the good news. Unlike most practices, personal injury practices have a real monetary value and a relatively easy manner to determine that value, even if the owner decides to shut the firm down. At times, this value can be significant and easy to monetize. ... Read More
Categories: Selling a Law Practice
Deal Structure for Law Firm Sales
What are the mechanics of buying and selling a law firm? First, let’s go back to law school for a moment. For those of you who have never done transactional work during your career, law firm buyers purchase the firm’s equity or assets. In the former situation, the entity remains in place. In asset deals, buyers acquire assets that are then placed in the buyer’s existing entity.
... Read MoreCategories: Selling a Law Practice
Boosting Revenue Before Retiring
A small law firm owner client who wants to retire in 3-4 years recently asked me, “Is it a good idea to try to grow my revenues during my last years to enhance my firm’s value when it’s time to sell a few years down the road?” Sorry, but there is no simple answer, and I will fall back on the two words lawyers love to tell their own clients: “It depends.” ... Read More
Categories: Attorney Retirement
Investing for a Satisfying Retirement
When planning for retirement, most lawyers think long and hard about how best to invest their financial assets. They want to maximize their financial health. Few, however, think about how they should invest their time to maximize their physical and emotional health during retirement. The answer is to invest in their relationships with family and friends. A long-running study out of Harvard University concludes that the best predictor of longevity, health, and happiness as we age is the quality of our relationships. ... Read More
Categories: Attorney Retirement
The Problem of Too Few Rural Lawyers
About 10 years ago, in “Be a Small Town Lawyer,” I wrote about the shortage of lawyers in rural America and the abundant career opportunities for attorneys willing to venture outside of metropolitan areas. What has changed since then? Not much. The shortage is very real. Here are some recent statistics.
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Succession Planning Client Transitions – “Show Me the Money”
Boomer lawyers are retiring in record numbers. Many are the same ones with the biggest book of business. Does your firm have a strategy to transition those clients to your firm’s younger generation? And remember: hope is not a strategy. ... Read More
Categories: Attorney Retirement
Retirement Phases
Retirement, for most Americans, lasts about 15-20 years. Many plan for it in a very one-dimensional manner. That is, they only think about whether they will have enough money to live the life they want. Few, however, think about what they are actually going to do during those years, and how to best plan for that. ... Read More
Categories: Attorney Retirement
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Roy quickly grasped the nature of my practice and provided an easy to understand appraisal of its value and suggested next steps. I was extremely pleased with his services. He did a great job!
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