Features
What Your Clients Need to Know About Succession Planning
Business people are often confused about the differences between succession planning and exit planning. Attorneys are in the unique position of being able to guide their clients through the confusion.
Features
What Every Lawyer's Client Needs to Know About Succession Planning
I often run into business people who are confused about the differences between succession planning and exit planning. You are in the unique position of being able to guide your clients through the confusion.
Features
Prospective Partners Ask Small and Midsized Firms Tough Questions About Succession
Do Their Chief Finance Professionals Have Good Answers? Many senior associates want to know whether the firm is well-positioned financially to grow and prosper when the current generation of senior partners retires. To get the information they need to value an investment in the firm, they turn to its finance professional.
Features
Retirement Succession Can Hedge Against Lateral Partner Acquisition Risks
While growing by acquiring lateral partners and practice groups can be lucrative, it carries many risks. Lateral candidates' projections of the revenue they will bring to a new firm can prove inaccurate, or a particular candidate may simply be a bad fit culturally.
Features
Retirement Succession Can Hedge Against the Risks of Lateral Partner Acquisition
Increasingly, law firms rely upon acquiring lateral partners and practice groups to grow revenue more quickly than they can by increasing output with existing talent. With this kind of money at stake, a prudent firm is constantly on the lookout for ways to hedge against the risks of acquiring laterals. Implementing an effective retirement succession program is one of them.
Features
Start 2024 By Considering The Synergy Between Retirement and Succession Planning
Attorney retirement and succession planning are critical issues that are often overlooked at the management level of law firms. A key question arises: What should come first, retirement or succession planning? Although they go hand in hand, many firms avoid addressing both.
Features
Start 2024 By Embracing the Synergy Between Retirements and Succession Planning
Attorneys retiring and succession planning are critical issues are often overlooked at the management level of law firms. A key question arises: What should come first, retirement or succession planning? Although they go hand in hand, many firms avoid addressing both.
Features
Lack of a Succession Plan Can Lead to the Death of a Law Firm
Firms with aging managing partners should develop a succession plan for transferring clients and management responsibilities (over a five-to-ten-year transition period) to the firm's younger attorneys.
Features
Is Your Firm Prepared for the 'Silver Tsunami'?
A Silver Tsunami of aging partners is threatening the legal profession. There's a way to higher ground.
Features
Key Tax and Financial Considerations for New Law Partners
Being asked to join the partnership of a firm is a measure of success as a legal professional. With that achievement comes tax and financial responsibilities that, surprisingly, few attorneys are fully prepared to deal with. These responsibilities include the unexpected individual federal and state and local tax filing and payments.
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