Transitioning or Selling Your Practice
Mark Powers and Shawn McNalis led our discussion on exiting your law practice.
A question on the minds of many attorneys these days is this: “How do I exit or transition out of my practice – when I’m ready – and get a return on my investment?”
It’s a good question. Many of you have spent years building your firm and still contemplate an uncertain future. What exit strategies can you adopt now to ensure that you’ll reap the benefits of all the time, energy and work you’ve invested in the past?
Our panelists included three Practice Advisors: Cammie Hauser, Jan Copley, and Steve Riley , each with a unique perspective on succession planning. Cammie is a CPA who has worked a number of law firms through these issues, Jan and Steve have both built and sold law firms.
On this call we discussed:
- The value, if it exists, that shareholders should expect out of their firm
- The best timeline to begin planning plus the typical stages in a transition
- Examples of roles partners take on after the transition
- The nine characteristics of associates who develop into transition partners
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