What options do retiring lawyers have?
Prepare to retire from your firm
After working so hard to develop a set of services, build a client base and establish your reputation, you finally feel ready to retire from your law firm. However, having dedicated your life to your work, it’s only right that you want the very best for you, your clients and your brand.
Having an exit plan will allow you to decide how you want to step down and ensure a smooth transition into retirement. Whereas, not effectively planning your exit could lead to you having to close your firm with the related run-off premiums that involves, putting your brand, your clients and your financial future at risk. That’s why it’s important you take the time to review the options you have as a retiring lawyer, so you can enter retirement confidently and comfortably.
Choose how to retire
The first step to planning for your retirement is deciding what’s going to happen to your firm. Whether you want to retire completely or just take a step back, there are a number of retirement routes that lawyers can take. One of the biggest risks retiring lawyers face is leaving it too late to make a plan or being unable to reach their planned exit goal. This often leads to law firms being forced to enter run off and close for good. Luckily, there is a way for retiring lawyers to avoid this outcome and consider their options, without a “sword of Damocles” weighing on their shoulders. Before we look at how retirees can achieve this freedom, let’s consider the options.
Search for a successor
If you want your firm to continue operating once you retire, you should consider finding a successor. By mentoring your successor, you can ensure your clients will continue to receive high-quality legal services under your brand name.
Sell to your management team
Within your firm, you may have a management team capable of running your business. Already up to speed with your practices, you could opt to sell your firm to a team you already trust, providing you with peace of mind when you retire.
Hire a manager
If you’re simply looking to pass on some of the responsibilities of running your firm, you may want to hire a manager. Whilst you would still be in control, they could oversee the day-to-day processes and develop a strategy for your firm moving forward.
Enter a merger
Merging with another firm would allow you to support your clients through the transition and ensure they continue to get the support they need. This way, you can retire knowing your clients are in safe hands, despite being advised under a new law brand.
Freedom in retirement on the Bamboo Platform
Whether you have left it too late to plan an exit, want the freedom to choose without the risk of closure, or simply want the maximum choice and value, the Bamboo Platform is here to help.
The Bamboo Platform is a law firm operating system which provides retiring lawyers with unlimited options. Whichever retirement route you decide to take, our team of experts can help you put the required steps in place. Whether you decide to mentor a successor or hire a manager, we can help you find the right person for the job and support the operation of your firm whilst you do so. We can even help you monetise your firm and sell it to other members on the Bamboo Platform, adding value to your years of hard work.
So, if you’re a lawyer who’s thinking of retiring, join the Bamboo Platform, where we enable you to retire the way you want to.