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.
June 01, 2024Nanette Miner
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.
May 01, 2024Nanette MinerDo 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.
May 01, 2024David E. WoodWhile 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.
April 01, 2024David WoodIncreasingly, 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.
April 01, 2024David WoodAttorney 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.
January 01, 2024Sharon Meit AbrahamsAttorneys 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.
January 01, 2024Sharon Meit AbrahamsFirms 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.
October 01, 2023J. Mark SantiagoA Silver Tsunami of aging partners is threatening the legal profession. There's a way to higher ground.
April 01, 2021J. Mark SantiagoBeing 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.
March 01, 2019John Fitzgerald and Christopher Imperiale
