Tag Archive: Succession Planning

Practice Succession Planning

What happens to your firm when you need to retire, or during unplanned circumstances such as death? In today’s clip, Ed discusses the importance of succession planning, and gives some helpful tips to get you started.

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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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