Succession Planning for Solicitors’ Practices

As the old saying goes, “if you don’t know where you’re going, you’ll end up somewhere else”. So where is your Practice going? Have you thought about where your Practice will be in 12 months, in 3 years, in 5 years?

For example, have you given thought to an exit strategy? Do you know what the tax implications are? Do you need to think about recruiting the Solicitors and Partners for the future? What do your current Partners think about the fact that you might be thinking of retiring? Do you know what your Practice is worth in terms of goodwill or has someone maliciously convinced you that your Practice isn’t worth anything? Perhaps now is the time to sell some or all of your equity to your salaried partners – the question is, do they want to buy equity and, if they do, do they have the funds and how much do you sell the equity for?

Our Consulting Practice has acted for nearly 700 different Solicitors’ Practices. We have helped them generate more Clients, sell, merge or value their Practices, produce quarterly newsletters, provide Professional Indemnity Insurance as well as headhunting and recruitment. In fact, we doubt if any consulting organisation has more experience of providing advice to the legal profession.

Maybe you need to consider selling your Practice to a third party. Are you trying to get from A to B but don’t know where A and B are, and, if you did, you wouldn’t know how to get there.

With our knowledge and expertise of having worked with hundreds and hundreds of Law Firms, ranging from International and Multi-Site Firms to Sole Practitioners and High Street Practices, we can help you review where you are today, where you would like to be in the future, and, more importantly, how to get there.

For a free, no obligation Meeting and/or discussion, call our Principal Consultant, Ray Fox, on 01494 483728, from whom details of our full range of services can also be obtained. Alternatively, you can email him via raymondafox@aim.com.