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Solo Practioners Attorney Retires or Quits

A program called “Practices in Transition” has been developed to provide the answer.

For attorneys planning their practice exit strategy, it’s time to set out the wind down steps, the financial cash flow, and client transition plan.

Whether a retiring baby boomer, a practioner seeking alternate career options, or an attorney challenged with a significant health issue, “Practices in Transition” might be the financial transition that works.  

►ADVANTAGES FOR THE ATTORNEY IN TRANSITION.

1.      Orderly transition of clients;

2.      No expensive outside valuation required;

3.      One to two years of gradual wind down/part time work;

4.      Staff support plus an end to their current lease;

5.      Income stream or “residuals” from their good reliable clients plus new client fees; and

6.      Satisfaction in transferring clients to a reputable firm designed to meet their future needs.

►PRACTICE AREAS DESIRED.

1.      Small business or medium size corporations

-          general business matters, including incorporation and LLC formation; annual meetings; board development and training; real estate; employment issues; contracts; joint ventures; merger/acquisitions; domestic or foreign; non-profits.

2.      Estate planning or business/family succession planning needs

-          wills, durable powers, living and irrevocable trusts, separate property agreements, shareholder agreements, and succession plans/retreats or coaching.

3.      Intellectual property protection and registration

-          identification of trademark, copyright and trade secret rights; filing for U.S. or foreign protection; licensing agreements; sourcing contract; trade secret protection plans; NDAs and risk protection.