Running a successful law practice is challenging, particularly in light of technological changes that are disrupting the legal industry. A thorough, well thought out, practical Succession Plan puts you in control of your professional future.
We help our clients discuss various options for succession, whether your plan is to simply retire and close up shop, transfer ownership to a younger generation of lawyers, merge with another practice, or sell your law firm and use the proceeds to start another business.
When you work with us, we give you practical, tangible advice that you can use to implement your own succession plan – without the stress and overwhelm that comes from attempting it on your own.
What’s Included in Our Engagement:
- Creating Your Custom Succession Plan
- Through a series of virtual meetings and telephone interviews, we will create a succession plan unique to your firm. The plan will include establishing your timeline for exiting your practice, setting your priorities and areas of focus, and creating a list of action items for you to tackle on a monthly, quarterly, and annual basis until you reach your exit date.
- When appropriate, we will connect you with vetted and trusted advisors to assist with additional components of the plans, for instance, valuation experts to help you set a price for a potential sale of your practice.
- Coach on Call
- Throughout the course of our engagement, you will have access to a succession planning coach for one-on-one sessions to ask all of your succession-related questions.
To prepare for our meeting, here are a few questions for you to consider:
- What are your growth goals?
- Do you have a plan for how long you want to practice, run the business operations of your firm, or start your next adventure?
- Are you able to hire the right talent for your firm? Do you have retention plans to keep top talent in place?
- Do you hope to sell your practice? What are your financial needs?
- Have you hired a new generation of lawyers? Do you need to? Do you want to?