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law firm succession

Best Practice: Law firm succession - Discussing equity ownership

Posted on June 29, 2016 by Chris Bonjean

Asked and Answered

By John W. Olmstead, MBA, Ph.D, CMC

Q. I am the owner of a 14-attorney insurance defense practice in Baltimore. I started the firm 20 years ago after leaving behind my partnership at another firm. Of the other 13 attorneys, there are four non-equity partners and the rest are associates. I am 63 and beginning to think about retirement and how I am going to transition out of the practice. Two of the non-equity partners are well seasoned attorneys, have major case responsibility, and have developed solid relationships with clients. I have discussed equity partnership vaguely with them, but their interests seem lackluster and they have been non-committal. I would appreciate your thoughts and advice on what my next steps should be.

Best Practice: 2-phase approach catching on for law firm successions

Posted on October 28, 2015 by Chris Bonjean

Asked and Answered

By John W. Olmstead, MBA, Ph.D, CMC

Q. I am the solo owner of a five-attorney estate planning firm in Los Angeles consisting of myself and four associates. I am approaching retirement and looking at my exit options. Since there are no heirs apparent in the firm, I am looking to sell the practice. However, the potential buyer that I have been speaking with is nervous and concerned about client defections, proper transition, etc. Also, I would like to continue to practice for a few years and don't want to run afoul of the rules of professional conduct. I would appreciate your thoughts.