July 01, 2012

Pass It On: Secrets to Succession and Transition Planning

Dustin A. Cole

For most solos and small firm attorneys, retiring or stepping away from the practice is like mortality. Most will avoid thinking about it until it is shoved into their faces. For some, the “shove” is a serious illness. For others, it’s a crisis in the practice—the loss of a long-time pillar of the practice or a major client, or perhaps an economic downturn (like the present one) that damages revenues. Something happens, and these lawyers suddenly realize they don’t have the drive, energy, or know-how to rebuild, change, or refocus. So they decide it’s time to step out.

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