Many lawyers work with professional clients—physicians, dentists, orthodontists, veterinarians, and the like—who have plans in place for the orderly sale or transition of their practices upon their retirement or death. But how many of us have considered that idea for ourselves, let alone begun taking practical steps that might make such a transition possible, or perhaps more lucrative? For many lawyers, the prospect of retiring and exiting the practice of law can be a delicate or daunting one, but it might just be a challenge worth facing, and in fact it could be measurably valuable (financially speaking) to do so long before we think we are “ready” to retire.
This program is designed to help solo and small firm lawyers think proactively about succession planning, and in particular how to maximize the value that could be obtained for a viable, transition-ready practice. Based on an original short film depicting one lawyer's journey in confronting the psyychological and practical obstacles to selling his practice, this program offers lawyers an opportunity to develop workable strategies for overcoming their own individual challenges. Designed for lawyers who aren’t sure the time for "making the leap" is quite right, this program helps participants identify practical steps they can start taking now to increase their chances for a softer and more satisfying “landing” when they do.
Workshop participants will have the opportunity to think through the goals and milestones for a successful practice sale or transition, understand the process and timetable for an effective transition, identify the ethical pitfalls and other challenges of selling a practice and understand how to value a practicefor purchase or sale.
