You have spent years building your practice, but what happens when you step away? For solo attorneys, retirement is not just about closing cases and notifying clients. It’s also about ensuring peace of mind, knowing that nothing from your past practice will come back to haunt you. This includes malpractice claims that could surface years after you stop practicing. ... Read More

Lawyers are notorious for thinking of ways things can go wrong for their clients and then determining the best ways to protect their clients from them. One calamity few lawyers ever consider, however, is their own unexpected disability that puts their career on hold—or worse, their death. ... Read More

Lawyers aren’t just advising private equity (PE) firms anymore, they’re becoming investors themselves, taking a page straight from the PE playbook. While the legal profession debates whether PE should own law firms, some lawyers have already made their move, quietly stepping into the role of investors themselves. ... Read More

If your firm is like many solo and small law firms, a significant portion of your firm’s value derives from the amount of business your website generates. When selling a law firm—be it an actual sale or a transition to another firm as “of counsel”—it is therefore critical that the buying firm retains the benefit of the seller’s previous website traffic. ... Read More

It should come as no surprise that many of today’s successful small to medium-size law firm founders are Boomers who are retiring in unprecedented numbers. These leaders hope to cash out and enhance their retirement nest eggs through either buyout payments from younger partners, or contractual post-retirement formulaic obligations that resemble pension payouts. ... Read More

Much of rural America can be described as a legal desert — vast distances where attorneys are few and access to justice falls short. For years, small towns and remote communities have struggled to attract and retain lawyers, forcing residents to navigate legal issues with little to no professional guidance. While these challenges aren’t new, recent demographic shifts and systemic barriers are adding a new layer of complexity to the mix. ... Read More

Are you a solo lawyer or small-firm owner facing retirement? Then, like most Boomer lawyers out there, you’re contemplating the option of selling your law practice. ... Read More

When it comes to the future of their law firms, solo practitioners and small law firm owners frequently delay or entirely avoid doing what is necessary for succession planning. Numbers don’t lie. Thomson Reuters’ State of U.S. Small Law Firms reports that succession planning is a focus for less than a quarter of law firms. I would also strongly suspect that even if 25% say they are “focusing” on succession planning, I’d be shocked if more than 10% were doing anything about it. Procrastinating on succession planning can lead to significant complications, including financial loss, client and staff confusion, and emotional distress for loved ones. Let’s explore some of the reasons why lawyers procrastinate. After that, I will discu… ... Read More

Is Your Lease Dictating Your Retirement Plans? By far, the two biggest reasons clients contact me to put together an exit plans are: Unexpected failing health of the lawyer or the lawyer’s spouse The office lease is close to expiring The first reason is understandable and out of one’s control. But the second? When family and friends ask why you have chosen this very time to retire, do you really want your answer to be, “Well, my lease was up”? Like many of the lawyers I work with, I have mixed feelings about my retirement. That said, I sure hope my answer is a more thoughtful one, more along the lines of: I was starting to lose the fire in my belly. I want to travel and experience life outside of the office. It’s time to start che… ... Read More

It’s that time of year when lawyers decide whether to raise their hourly rates or fixed fees. Many fear doing so, believing they will either be unable to attract new clients , or will incur the wrath of existing ones. Such worries are exaggerated; your practice will not suffer. And when you examine your bottom line after 2025, you will see that I was right. Here’s why. ... Read More

CPAs, appraisers, and other business evaluators use various valuation methods to value law firms. To be quite frank, none should be relied upon as a valuation technique for legal practices. In this post, I’ll break down the common valuation methods. I’ll briefly explain how each method works and how it falls short in measuring the value of a law firm. ... Read More

The most common exit strategies for retiring solo practitioners and small law firm owners typically include recruiting a successor, merging with another law firm, selling the practice, or shutting it down. However, one strategy is often overlooked, though it may make the most sense regarding finances and personal well-being. That strategy is downsizing. ... Read More

Succession planning is a demanding journey with many unknowns. As the spouse, you're more than just a passenger—you're the co-pilot. Whether you are a co-owner at the firm, an employee, or simply a curious and supportive partner, your involvement in succession planning is crucial. As a spouse, you bring a unique perspective to the process, whether or not you work at the firm. With that support, a few well-placed nudges, and the occasional "I told you so" (play this latter card VERY carefully), you can help guide your law firm owner spouse make a smooth transition out of the legal profession. ... Read More

As more attorneys who are Baby Boomers retire, many of them are choosing law firm mergers as a succession plan. If you're a solo or small law firm owner planning to exit practice in the next 5-10 years, merging with another firm may be your best option. ... Read More

Succession planning is not merely a task to check off; it’s an opportunity to ensure your legacy. You only get one chance to exit the legal profession. Do it wisely. ... Read More

As a small law firm owner thinking about retirement, you are likely looking to your own associate to be your successor. This decision is not one to enter lightly, however. Before you make anything official, you need to consider whether your associate has the talent and the skills to pull it off. Just because the associate handles files well has no bearing on whether they can successfully operate a law firm. ... Read More

As the legal landscape evolves, so does the necessity for seasoned attorneys to devise solid exit strategies as they approach retirement. Particularly in the wake of recent global events like the COVID pandemic, the urgency of these plans has become starkly apparent. I’m an attorney with over 40 years in practice, and a seasoned consultant for attorneys. I’ve guided 200+ solo practitioners and small law firm owners across various specialties in crafting their departure strategies. This blog post explores three critical mistakes that lawyers should avoid to ensure their exit from legal practice is as smooth as possible. ... Read More

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