» Retirement/Succession

Closing Time: Best Practices When Closing a Law Practice

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 ... Read More

Size Matters

The most common exit strategies for retiring solo practitioners and small law firm owners typically include recruiting a successor, merging with another law firm, or selling the practice. All of these options have advantages and disadvantages. However, there’s one strategy that is rarely considered, though it may make the most sense in terms of the retiring lawyer’s financial and personal well-being. That strategy is downsizing. Continue reading this post at www.myshingle.com ... Read More

Planning for the Unexpected

A frequent complaint of solo practitioners is that since they are alone and in charge, it is difficult to get away for a vacation. But somehow, most seem to manage by finding another lawyer to cover for them should there be an emergency type of situation. That’s easy to do because the vacation is planned. But what if you are taken away from your practice for something that is not planned? What if you are incapacitated or even die from an accident? Do you have another lawyer to cover for you under these circumstances? Continue reading at www.myshingle.com ... Read More

Buying a Law Practice Makes Sense

As baby boomers age and start to think about retirement, these lawyers begin to think about selling their legal practices. At the same time, younger lawyers are looking for ways to expand or diversify their practices. They are also thinking about buying a law practice. Buying a law practice is a strategy that offers sellers and buyers alike significant gain with minimal risk. Don’t be a Skeptic Even though the risk is small, it is enough to scare off some potential buyers. Lawyers, after all, are blessed with ultra-cautious DNA. For many, the term “risk” is not part of their vocabulary. Perhaps the following hypothetical example will persuade skeptical buyers by demonstrating the small risk and potential high reward of a law practice… ... Read More

Buying a Law Practice

Even with the best of marketing tactics, the time needed to build a successful law practice is usually measured in years. There is one tactic that—if properly executed—can help you attain an established practice practically overnight. That tactic is buying rather than building a practice. Continue reading this post at www.lawyerist.com ... Read More
I have a niche practice at a small unconventional law firm and found myself at a crossroad in my legal career. The choice was to either stay where I am, go solo, or join a national firm with a well-established presence in my niche. Lots of pros and c…" Read the rest
– Partner, small Chicago, IL law firm

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