Planning your retirement
It is never too early to plan for the retirement of your firm's leaders and rainmakers. Do you have a plan to ensure the continuity of firm leadership and clients?
If you are a solo practitioner, do you have a plan to recognize the financial value of your practice. Depending on your book of business, practice area, geographic locale and degree of advance planning, the value of your practice can be turned into dollars to enhance your retirement lifestyle and benefit your heirs.
As your coach, Roy Ginsburg helps you work through your full range of succession and retirement options:
Who will be the law firm’s next generation of leaders and rainmakers? How will those responsibilities be transitioned?
Can I sell my solo or small law firm practice and how do I value and negotiate my interest?
When should I retire to maximize my financial, professional and personal objectives?
Should I go "of counsel" - at my own firm or perhaps at another firm that puts a better value on my book of business? How do I value and negotiate "of counsel" compensation?
The sole proprietor of a successful law practice was ready to retire. Roy helped him consider various options and create a retirement plan in which the lawyer became of-counsel to a larger firm that gradually took over most of his case load. This plan provided the lawyer with an income stream, enough involvement to keep him professionally engaged - and plenty of free time to ease into retirement.
The senior partner of a small law firm was considering whether to retire, slow down or change the focus of his practice - and what effect this decision would have on his firm's personnel. Roy helped him choose the option that would most closely satisfy his professional and personal interests. He also provided direction on how to work with members of his firm to prepare for these changes.
Roy's articles on retirement:
For additional information about selling your practice go to Roy's other website.
"Networking Professionally and Ethically"
"Build Your Practice"
"Law Practice for Sale"
Minnesota Lawyers Mutual Insurance Co.
"Business Case for Diversity"
"Client Service: Effective and Ethical"
"Networking Your Way to a Successful Career"