Attorneys face quite a difficult situation when faced with exit planning or a law firm succession challenge. Succession-related issues are very complex, especially in law firms, and this is where a good exit strategies ct attorney can make a huge difference. If you fail to manage correctly and efficiently your succession and exit plan for senior attorneys, you may have to face the following:
- Big loss of important clients
- Loss of key leadership / senior talent
- Inability to protect the family wealth in case of a life-changing event
- Firm breakups are most often caused by young lawyers who are not willing to finance the buyouts of the departing partner from future earnings
There are many small and even midsize law firms out there that work heavily on setting up formal succession plans. They think ahead because they want to have a good strategy in their hands when the founding partner retires. Typically, all founders wish to ensure that their firm has powerful leadership and a good management team that will work hard on taking the firm to the next generation. They also want to ensure that they can retain all existing clients and referral relationships and, of course, retain the revenue. Talk to an exit strategies ct attorney for the implementation of a truly powerful formal succession plan/exit strategy.
When it comes to succession strategies, there is no single form available. The plan involves the evaluation of several aspects of the respective firm. It takes a lot of planning and identifying the best processes and systems that require improvement to ensure that the strategy is smooth, efficient, and reliable. Some exit strategies typically include selling or merging the law firm, continuing practice with other firms, internal transition, or simply closing the office.
However, to find the most efficient strategy in your case, plenty of aspects need to be analyzed. There are also all sorts of challenges that may arise along the road, which is why a good attorney specializing in exit strategies is so important.