The Invisible Man
The last thing a lawyer building a practice wants is to be invisible. Heightened visibility, after all, is the objective of all marketing. To build a law business, one must be very visible. The goal is to be a recognized thought leader in one’s chosen practice area, prolific in the industry press and on media...Continue reading
Thanking Retired Partners For Their Service
Preparing emotionally for retirement is not easy. Partners face unique challenges in defining their value once they are no longer practicing law. They must find new interests. They must cope with anxiety at the prospect of living on a fixed income. They must separate their identities as lawyers from their identities as people. Retiring means...Continue reading
How To Ensure That Retiring Partners Transition Their Practices To Junior Partners: Make It Contractual
A retiring partner must put in a lot of work to successfully transition clients to junior partners. It isn’t always easy to get them to do it. As an advisor to law firms about retirement succession, I share the strategies and initiatives I executed to transition my $6 million practice to younger partners. I worked...Continue reading
Make Retirement Succession Part of a Holistic Retirement Succession Program
We spend decades being lawyers. By the time we reach retirement age, we’ve devoted more time to being lawyers than almost anything else in our lives. Many of us have been lawyers for longer than we’ve been spouses and life partners, and longer than we’ve been parents. We work hard. We often have few outside...Continue reading
Is Mandatory Retirement a Good Idea?
Mandatory retirement is a hot button issue for many law firms. All would prefer that older partners leave law practice when their willingness or ability to contribute to the firm’s success has run its natural course. Making retirement compulsory at a certain age can help accomplish this objective, depending on a firm’s compensation and ownership...Continue reading
How I Transitioned My $6 Million Practice To Younger Partners
It took a devastating personal tragedy – the death of one of my children – to get me thinking about the mechanics of retirement. Before that horrific event, I never thought about the day I’d leave the practice of law. I saved for it, but I didn’t think about when it might happen. I was...Continue reading