The Flaws of the "Recruit Your Successor" Exit Strategy

One retirement exit strategy often considered by solo practitioners 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. During the initial stage of the transition (usually one or two years), the seller and buyer get to know one another. If the fit seems good, the parties then negotiate a "buy out" going forward (usually another one to three years).

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Roy’s coaching has been extremely valuable. Since he was once an in-house attorney and frequently a client of law firms himself, I respect his insight about what client development efforts work best. He also holds me accountable. When working w…" Read the rest
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