Succession for lawyers
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.Tags: Management
Categorized in: Management