February 21, 2019 Practice Management

Planning for Your Retirement: Ride into the Sunset or Sell?

By Terrie S. Wheeler

You might be wondering why a marketing consultant is writing about succession planning for your practice. The truth is that you lawyers who graduated from law school in the 1980s are now facing the difficult decision of whether to slowly ride off into the sunset or take the steps necessary to bolster and sell the asset that is your practice. You worked hard for more than 30 years—sometimes more—to build a profitable practice. As you approach retirement, you have two primary options:

  • Learn to ride a horse and head off into a picturesque sunset
  • Invest in technology and marketing and find a buyer for the asset you worked your entire career to build

The first bullet doesn’t really require any marketing expertise, just basic equestrian skills. But the second is 100 percent marketing.

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