Whether you want to sell your firm, merge with another firm, or hire the next generation of lawyers to take over your practice when you retire, devising a long-term plan is vital. In the industry, we refer to this as “Succession Planning.” This means taking the time to figure out what will happen to your law firm when you are no longer there to run it, whether you choose to retire from the law, move into another industry, merge with another practice, or simply slow down your workload to focus on other priorities.
There are no good or bad, right or wrong goals – but there IS a right way to plan. No matter your practice or your goals, we are here to help you craft a plan that sets you and your firm up for long-term success.
There are many different ways to “retire” from a law practice, and it doesn’t just mean leaving the workforce for good. Whether you plan to stop working altogether, head to the bench, run for office, or simply take a break from practice, you need to start thinking about retirement now so you can take proactive steps in the direction of your goals. We help you do just that.
You may or may not have a compensation plan for your firm and if you do, it’s likely old, or it’s not holistic enough. You may focus just on performance evaluations, salaries, and bonuses. But what other incentives are you offering your staff? Do you have a strategy to find – and retain – the best talent in the industry? Do you have a long-term plan? Is this long-term plan realistic? Sustainable?
More importantly, what are you doing to protect the firm you’ve worked so hard to build? How do you preserve its value for future generations? How do you continue to recruit and retain the best team to keep your firm running, even when you stop working?