Hiring to Retire

Hiring to retire is a popular retirement strategy for solo practitioners. Planning is essential to optimize value and prevent problems caused by career ending disabilities and health emergencies. Following are planning tips for hiring and retiring. Also included are resources to help to implement them.

Tips
Assessing – assess knowledge, personality, and skills of job candidates; conduct a formal interview and then meet socially with spouses.
Communicating – use daily calls, chats, and emails to stay in touch; hold weekly strategy meetings.
Compensating – negotiate a salary and buy/sell agreement that incentivizes you and your successor.
Hiring – use local bar associations, law schools, and recruiters to find a talented replacement.
Marketing – assign responsibility for managing client relationships; monitor billings to assess results.
Onboarding – introduce your new hire to clients and staff, provide equipment and supplies, review responsibilities, tour office, etc.
Partnering – exchange views on the path to partnership; adopt retention tactics (e.g. competitive compensation, continuous feedback, skills training, etc.).
Timing – start working on succession early; set target dates for finding a successor, training them, and retiring.
Training – adopt goals, assign reading, meet weekly, teach skills.
Valuing – encourage your new hire to add value, attract clients, develop skills, and enhance reputation.

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