Tag Archive: Selling

What is the most feared word in the English language?

At the end of the day, the value of our law practice is based on our success and the many people we have touched over the years. This is a significant legacy we will leave on retiring from the practice. 

Most lawyers all around the country with whom I’ve spoken don’t understand this and can’t comprehend even the possibility that their many years of effort may actually have produced a monetizeable value of some significance. This value can enhance their retirement. It is a challenge to overcome such deep-seeded beliefs among many Baby-Boomers as they get ready to move on to their second season. This is the difference between personal goodwill and organizational goodwill. There is more of the latter than most people believe.

My conversations have convinced me that the most feared word in the English language is “retirement.” That may contribute to the refusal to consider an alternative to closing the office; we will maintain our office and work until our last breath. It is possible, however, to do both! The sale or merger of your law practice, rather than the closing of the office, should be an alternative that is kept open for your consideration.

 


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Succession is uppermost in the minds of majority of lawyers

More than 23% of the Washington State Bar Association, a mandatory bar, are 60 years or older. Several years ago, the American Bar Association, a voluntary bar, estimated that 400,000 lawyers would retire in the next 10 years.  For the ABA, that’s equal to its entire membership. And that’s equal to about 40% of all lawyers and a majority of private practitioners.

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Twitter and money – an oxymoron?

Can you imagine that Twitter, WITHOUT any revenue stream, is valued at $1Billion! Wow. Not many employees and no revenue stream … and no prospects in sight to get revenue.

Just think what your law firm, with a decent revenue stream, might be worth? What is the difference? And why isn’t your firm worth $1B?


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Can you afford to retire?

While the economic crisis is being felt by nearly every segment of the working population, one group of workers is faced with particularly tough decisions regarding their futures. Law firms need to be prepared to assist them in making a transition during challenging times. Six-in-ten workers (60 percent) over the age of 60 say they are putting off their retirement due to the impact of the U.S. financial crisis on their long-term savings, according to a survey by CareerBuilder.

I agree with Ron Friedmann that lawyers, even partners in larger firms, are feeling the economic strains of today’s world and therefore delaying anticipated retirement. But one group of lawyers may not:  Sole and Small Firm lawyers. These folks have something of value that they can sell .. converting their equity into cash. Most lawyers never thought their law practice was a saleable asset. So, while their investments may have tanked, they can look to their law practice for ready cash.


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