Succession for lawyers

Posted on April 20, 2008 by Ed

Selling Your Law Practice: The Profitable Exit Strategy, is the catalyst for a number of calls to me about succession planning for small law firms.

The challenge in our industry is that  i) most lawyers don't think they have anything of value to sell;       ii) lawyers tend to be focused on the here and now, wanting to take as much money out now as possible, leaving little value in the law practice; and  iii) have little or no desire to think about legacy ...  This makes it difficult to focus on succession.

I'm not talking about the legal aspects of succession, but rather the business aspects of it .... why/when/how ...  As our  practice ages, we may see a movement not only toward the ABA's "second season," but also  personal legacy within the profession.

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New York CLE - April 21, 2008 11:41 AM

This is a great topic, one that a lot of lawyers in a small firm would never think about. The business side of managing a small firm is so important yet most often pushed to the side. Any "business" has value, to find and maximize that value can be a wonderful thing.

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