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Most lawyers don’t like to think about writing their wills. After all, it forces them to confront aging, uncertainty, and mortality. Yet most attorneys eventually complete their wills. Why? Because they understand that doing so is an act of care toward others.
Succession planning for lawyers isn’t that different. It can be uncomfortable to think about, but everyone you care about (your spouse, children, clients, and staff) benefits when the future is thoughtfully planned.
Below are four reframes commonly used by financial planners that also apply to succession planning:
1. Remember Who You Are Doing This For
When you have a law practice, having a succession plan in place is crucial. Done right, a succession plan protects your legacy, puts real money in your pocket, and lets you exit on your own terms. Beyond that, here’s who else it affects:
- Your family: If you become seriously ill or pass away unexpectedly, the people closest to you will need to handle a lot. Asking them to sort through client matters, office responsibilities, and unanswered business questions at the same time only adds another layer of stress during an already difficult time.
- Your clients: Without a succession plan, clients can suddenly find themselves confused, uncertain, and scrambling to find a new lawyer.
- Your staff: Without a succession plan, staff members are left with uncertainty. They may not know whether their jobs are secure, who, if anyone, is taking over the practice, or what responsibilities to assume.
2. Visualize What Happens Without a Plan
If you are hesitant to put a succession plan in place for your law practice, think of what could happen without one. Estate planners use a simple exercise with reluctant clients: just imagine, for a moment, the worst-case scenario if you don't act. For instance, let’s say your health is failing and you need two major surgeries over the next six months. Recovery may take months, and there is no guarantee you will quickly return to normal.
Or perhaps your spouse becomes ill and now requires much of your time and attention. In either case, navigating a law practice transition becomes chaotic quickly.
Think about the impact of not having a succession plan in place:
- Staff may leave before you've found a buyer for the law firm.
- Clients are far less likely to stay when the seller cannot remain involved during the transition.
- Buyers can smell a distressed sale, and they negotiate accordingly.
- Decisions are harder to make
This can make your life much more chaotic than it would have been if you had a plan in place.
3. Keep It Simple
Succession planning is not as complicated as most lawyers believe. I know you’d rather practice law, but planning for the future is no more complex than many of the administrative tasks you’ve handled for years.
Here’s how to keep things simple and avoid pitfalls during the process of succession planning:
- Start small. You do not need to solve everything at once. One conversation or one decision at a time can create momentum.
- Write down what needs to get done. A simple list immediately brings more clarity.
- Bring in help. Most attorneys benefit from having an experienced guide during the succession planning process. A knowledgeable advisor can help bring structure, clarity, and momentum.
4. Set a Timeline
Many lawyers assume they still have plenty of time. After all, if you plan to practice for another five years, why worry about succession planning now? Without a timeline, succession planning can remain stuck in the category of “I’ll just deal with that later.”
Setting a timeline creates structure and accountability. It gets things moving. Once momentum replaces avoidance, the entire process feels less intimidating. Planning earlier also gives you something extremely valuable: flexibility. You have more time to identify the right successor, negotiate thoughtfully, and transition on your own terms rather than under pressure.
Why Succession Planning Beats Estate Planning Every Time
Most lawyers complete their wills because they understand that failing to do so is far worse. Succession planning deserves the same level of attention.
The good news is that once the process begins, many attorneys feel an immediate sense of relief. As fear and uncertainty fade, retirement can start to feel like the beginning of a new and exciting chapter.
And I’ll leave you with one final piece of good news. Unlike writing a will, you get to enjoy the payoff of succession planning. In addition to taking care of those you care about, a successful transition puts real money in your pocket. The best part? You’re still around to spend it.
Contact Roy Ginsburg, J.D. to Learn More About Your Options
Succession planning is an essential step in protecting your law practice, your clients, and the legacy you’ve spent a lifetime building. Having worked with more than 200 law firms across 46 states and 30+ practice areas, I understand how to help lawyers navigate these transitions thoughtfully and professionally. If you would like help thinking through your options, feel free to call me at 612-524-5837 or contact me online.
