This is the second in a two part series addressing the idea of selling your law practice as part of a succession plan. Part one addressed
issues related to defining personal objectives, compliance with local bar rules, and practice valuation.
In this post we will look at three remaining considerations:
Law firm mergers happen-a lot. While the mega mergers get the publicity, many mergers stay under the radar because they involve smaller firms being absorbed by larger firms. Whether for reasons of market dynamics, succession, or battling for growth, some smaller firms simply conclude that life will be better as part of a bigger shop.
If you practice law, there is one eventuality that should be added to that familiar duo of Death and Taxes. No one talks much about it, but it warrants the same attention to detail. The subject? The end of your practice.
As is the case with its two more familiar rivals for attention, ignoring it
Law firm mergers have been in the news with combinations being announced seemingly every week. So far in 2018, the many mergers closed have drawn the attention of the media and law firm leaders alike. The rationale for any of the announced mergers depends on the specific transaction and the firms involved. Whatever the reason,
If you change partners every time it gets tough or you get a little dissatisfied, then I don’t think you get the richness that’s available in a long-term relationship. Jeff Bridges
Another year and more turmoil in the legal profession!
Although for some law firms the economy has led to marginally improved performance, for many
To control costs and improve legal service, more client legal work has been brought in-house in recent years. As clients have achieved those twin goals, the proximity of readily available legal services to business decision makers has spawned greater institutional reliance on the captive legal departments. The increased access to legal services for company business
First generation law firm leaders find themselves confronted by a classic “good news-bad-news reality.” The good news is that they are nearing the end of what for most has been a rewarding career. The bad? Most have no clear path of succession— for client relationships or leadership responsibilities.
There are a host of reasons
Succession planning is an important issue for many law firms, especially as the Boomers and Generation Xers age and the human resource pyramid becomes an irregular shaped box. When you add in the assault on the industry from client competition, alternative service providers, and artificial intelligence, the necessity of doing succession right is more critical
I have been thinking a lot about the state of change within the legal profession, and wondering what the ultimate consequence will be for firms as the pace of change continues to accelerate. A few weeks ago, Altman Weil released their 2018 survey of law firms; the survey, its results and commentary are excellent.
Running a law firm successfully is no easy task. It is a multi-dimensional effort that requires leadership, discipline, vision, and some luck. Getting all firm lawyers to row a boat in unison can be tough. Even if some of the oars irregularly go into the water, progress is still possible.
When attentive leaders work hard
