What's Your Plan? How To Build a Succession Plan For Your Law Practice

The statistics are alarming:

• 400,000 lawyers in the United States are 62 and older

• 30 - 40% of actively practicing lawyers are at the age and stage where they are beginning to retire or contemplate retirement

• 63% of law firm partners, aged 60 or older, control at least ¼ of their firm's revenue

• Most law firms do not have succession plans in place.

Is your firm prepared for your most active rainmaker to retire? Is recruiting and retention of top talent a challenge because you have not addressed succession? Do you know what steps to take to sell your practice to an associate or an outside firm or an attorney?

This program will guide you through the challenges to succession planning, and process highlights, along with best practices for your firm to develop a successful model to transition lawyers and clients through the process.

Learning Objectives:  

1. Understand the risks of ignoring succession planning and the rewards to you, your firm, and your clients if you get it right

2. Identify potential succession options for your law firm which may include selling to an associate, merger, outside sale, or others, and which may work best for you

3. Understand that your law practice has value, how to determine that value, and what can help you increase it over time to maximize your exit value

4. Know the steps to take to start building a succession plan or other continuation strategy for your law firm