FAQs

Transferring Ownership Of Your Law Firm To The Next Generation – April 8-9, 2019

 


 

What is the purpose of this course?
To guide you step-by step in the creation of a Succession Plan for your practice.

 

What do you mean by “transferring my firm to the next generation?”
If you’re ready to retire or slow down from active practice – or if you want a roadmap for your firm’s future – there are essentially two ways to go: (1) sell your firm to an outside buyer, or (2) create an internal Succession Plan to transfer ownership to the next generation. We’ve got the experience, expertise and track record to help you do it successfully either way.

 

What will happen at the course?
The work actually starts before the course, as soon as you register. At that time, we will begin analyzing your practice, studying your financials and getting a clear understanding of your goals, expectations and timetable. Our team of experts will develop a transition structure that works best for you. Then on April 8 and 9, we will sit down with you to iron out the specifics of your plan and begin to implement it. This will be a focused, interactive work session. We’ve condensed a process that typically takes up to six months into this unique, two-day course.

 

Who will be the successors to my practice?
You get to decide. Maybe you have candidates inside your firm who are willing and able to take the reins. If so, we’ll create a Succession Plan and buy-out for a smooth transition. Otherwise, we will look to the marketplace for a buyer-successor.

 

How do I put a dollar value on my practice?
We’ll do that for you. The value depends on various factors, chiefly your practice area and geographical location. Of course, firm revenues and owner earnings are significant as well. We approach valuation as a process. It starts with getting to know you and your firm. It ends with helping you get top dollar for what you’ve worked so hard to build.

 

Why should I care about having a Succession Plan?
Because you’ve worked too hard building your practice to let that time and effort go to waste. We’ll make sure you get fairly rewarded. You’ll also get the peace of mind that comes from knowing your professional legacy will be preserved.

 

But I’m not ready to retire!
No problem. You don’t have to. Succession planning is not about quitting the practice. It’s about having a formal, written plan for what happens when you’re no longer running the show. You determine the timeline, price and details as you turn the wheel over to the next generation. Continue to practice as long as you’d like – and on whatever terms you choose.

 

How to know if I should attend this course?
If you fall into one of the following categories, you should attend:

  1. You’ve started your own firm, have plans for growth, and want to create a roadmap that charts the future of your practice.
  2. You’ve been thinking about retiring or taking more time off, but don’t want your years of hard work to go to waste.
  3. You’re not ready to fully retire but would like to cut back, go part-time or become of-counsel to your firm.
  4. You’ve reached a point where growing your law practice is not something you really have the fire or desire for anymore.
  5. You worry about what would happen to your firm if you or a key employee were unable to work anymore.
  6. You want to keep practicing, but the management and ownership of your firm are becoming too much.
  7. You have no “Law Practice Estate Plan” that dictates what will happen in the event of death, disability, disaster or some other unexpected life event.
  8. You want to preserve and protect your professional legacy.

 

What is the cost?
$5500 Early Registration; $6500 after March 15.

 

Is space limited?
Yes, attendance is capped at 20 people. Register now to save your spot.

 

How do I register?
Just click here and register today!

 

How do I learn more about Succession Planning and the services you offer?
Click here.

 

Questions?
Call us at (919) 789-1931