Closing or Selling a Small Firm

Start your retirement planning by mid-career. Begin by discussing retirement plans with a bar association advisor, CPA, financial consultant, or life coach. Then prepare a written plan with timeline, strategies, and tactics. Planning can bring positive results for you, your clients, and your firm. Consult the resources listed below for strategies to help you close or sell your practice. Following are tips for closing or selling a smal firm and links to resources for additional help.

Tips
Advisors - hire an advisor to assist with marketing, negotiation, and valuation.

Agreement - use a “Buy Sell Agreement” to plan for the departure of a partner.

Alternatives – options include closing firm, designating a successor, reducing caseload, or selling.
Ethics – review ethical obligations to avoid infractions and pitfalls.

Hiring – groom a young lawyer to replace an exiting lawyer.

Insuring - keep malpractice insurance for risks arising after closing or sale.
License – research rules about retaining license to facilitate practicing pro bono, re-opening, and referral fees.
Notices – notify bar associations, clients, colleagues, insurers, and staff on a timely basis.
Finances – review finances to assure adequate retirement savings for healthcare and living expenses.
Finances – review finances to assure adequate retirement savings for healthcare and living expenses.
Planning – prepare action plans for assets, cases, employees, files, liabilities, etc.
Readiness – attend a CLE program, read planning materials, and see a consultant or bar advisor.
Succession – appoint a colleague to wind down your practice in case of death or disability.
Winding Down - suspend marketing and stop accepting new cases in advance of retirement.

Articles
Buying and Selling a Solo Practice, GPSolo Magazine, Feb. 4, 2025. 
Closing a Law Practice,  ISBA, Jan. 1. 2017.
Evolving Ethics of Selling a Law Practice, Your ABA, Nov. 2020.
Guide to Closing a Firm, National Law Review, May 1, 2018.
How To Value, Sell, and Purchase a Law Firm, Law Practice Today, Sep. 7, 2022.
Keeping Your Law License When You Retire, Connecticut Law Tribune, Apr. 11, 2019.
Planning for Life After Law, Attorney at Work, Nov. 5, 2020.
When to Stop Being a Lawyer, Experience Magazine, Jul, 18, 2020.

Books
Buying or Selling a Law Practice, Lawyers Mutual, Oct. 2016.
Buy-Sell Agreements for Attorneys, ABA Book Publishing, Aug. 20, 2024.
Closing a Law Practice, Lawyers Mutual, July 2016.
Lawyers Guide to Succession Planning, ABA Book Publishing, Jan. 28, 2016.
Planning Ahead, New York State Bar Association, Dec. 5, 2023.
The Next Stage of Your Law Practice, North Carolina Bar Association, Sep. 1, 2021.

Checklists 

Videos
Bar Advisory Services, Legal Tak Network, Apr. 24, 2023.
Exit Strategies, ABA, Feb. 26, 2023.
Going Inactive or Closing a Firm, FSBA, June 29, 2020.
Retirement Planning, Justia, May 17, 2024.
Valuing a Law Firm, Practice Exchange, Dec. 21, 2020.

Websites

 

 

 

 


Comments

Post a Comment

Popular posts from this blog

Responding to Emails

Below are tips for responding to emails from clients, lawyers, and prospects, Prompt replies improve goodwill, relationships, and reputations.  For more guidance, see the articles and books listed below. And for examples, see below for sample responses to website inquiries. Tips Attachments - summarize attachments and include a list at the end of  message. Automating  - automate replies to acknowledge receipt and provide timeline. Courtesy - be empathetic, polite, and positive.  Length - keep messages short (use attachments for long messages). Promptness  - respond within 24 hours. Subject - limit to a few words to improve visibility. Articles Accelerating Replies Automating Responses Chat Tools Client Portals Designing a Contact Page Do's and Don'ts Emailing Professionally Ethics of Email Handling Unsolicited Inquiries Responding to Lawyers Sign-Offs and Signature Blocks Using Forms Books Mastering Email Writing Professional Email Samples Family Law Advocates ...
Read more

Designing a Contact Page

Contact pages are an essential part of law firm websites. They facilitate communication with prospects and clients by providing the firm's address, phone number, and a form for emailing, or texting, or live chat.  Contact pages can be linked to client relationship software to improve client intake, marketing, and case management. Consider including a disclaimer that a contact form submission or email does not initiate an attorney-client relationship. Improve your firm's contact page by reading articles about disclaimers , design , enhancement , importance , responding to inquiries , and using QR codes . Consider adding a  client relationship app  to your Contact Page with software like Capterra, Clio, MyCase, and Zola. Read  books about Getting Prospects,   Marketing Online ,  and Virtual Offices . Click here  to view examples or see below for links to sample Contact pages at law firm websites and their client relationship app. Samples of Contact Pages...
Read more

Welcoming New Clients

Make new clients welcome by providing them with a welcome kit. The kit can be posted on firm websites, physically delivered at in-person  consultations or emailed for virtual consultations. Below are tips for creating welcome kits and links to resources to help you welcome new clients.  Tips Benefits - welcome kits create favorable impressions, set expectations, and streamline the onboarding process.    Contents - include a contact page, client questionnaire, firm brochure, retention agreement, and welcome letter. Cover - put the contents in a presentation folder imprinted with the firm's name to make it memorable. Digital - create a PDF or video for the benefit of clients that consult virtually or prefer being paperless. Education - use the ki t to introduce members of the firm, billing procedures, client responsibilities, possible outcomes, and timelines.   Tools - keep clients happy by using additional tools like practice management apps and client ...
Read more