The insider’s guide to selling a law practice, transferring ownership, and designing a great Life After Law, written by two of the top authorities in succession planning.
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TABLE OF CONTENTS
Introduction: Congratulations, you did it! 5
How to Use This Book 9
Chapter 1. Take the Succession Readiness Test 15
Case Study: Jones and Associates – How not to do it! 15
Get Ready, It’s Time for Your First Step 20
What’s Next? 21
Chapter 2. What Are Your Wants and Needs? 23
Case Study: Smith and Associates – Determining Wants and Needs 24
Creating Your End-Goal 25
Identify Your Personal Needs 28
Identify Your Financial Needs 30
Conversation Starter: Conversation With a Spouse about Finances 34
Chapter 3. Get Your House in Order 37
Case Study: Smith and Associates – Preparing For Transition 37
10 Ways to Make Your Practice More Marketable 39
Preparing Your Team 47
Chapter Takeaways 50
Conversation Starter: Conversation with a Law Partner About Retirement 51
Chapter 4. Consider Your Transition and Exit Options 53
Case Study: Smith and Associates – Considering the Options 53
Retirement Advisory Team 54
Know Your Ownership Transfer Options 55
Disaster and Contingency Planning 56
An Estate Plan for You 57
Conversation Starter: Conversation with an Associate
about Firm Ownership 64
Financial Wellness Checklist 67
Chapter 5. Know the Value of Your Practice 69
Case Study: Smith and Associates – Law Practice Valuation 69
Valuing Your Practice: What’s Your Magic Number? 71
Rule of Thumb Value 72
Market Comparison 72
Key Value Drivers 73
Adjustments 73
Key Documents for Valuation 75
Conversation Starter: Conversation with a Reluctant Partner 79
Chapter 6. How to Sell or Transfer Your Law Practice 81
Case Study: Smith and Associates – Transferring Ownership of the Firm 81
How to Break the Big News: A Checklist 83
Summary of Steps for Selling Your Practice 90
Why You Should Consult a Law Practice Broker 94
Conversation Starter: Announcing Your Retirement to the Law Firm 97
Chapter 7. Ten Insider Tips for a Successful Transition 101
Case Study: Smith and Associates – Working Through the Details 101
Ten Insider Tips for your Law Practice Succession Plan 103
Chapter Takeaways 107
Case Study: What Went Wrong 108
Chapter 8. Life After Law 111
Case Study: Smith and Associates – Ready for Life After Law 112
The Four Main Fears of Succession Planning 113
Nine Strategies to Overcome Your Fears 114
Chapter Takeaways 116
Case Study: Are We Emotionally Ready for Retirement? 117
What Does Life after Law Look Like? A Few More Thoughts 119
Appendix* 123
Discovery
Firm Financials Profile 124
Firm Background and Operations Profile 129
Due Diligence
Financials List 134
Lender Items 138
Firm Data 141
About the Authors 145
Tom Lenfestey 145
Camille Stell 147
Jay Reeves, Editor 149
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