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As we have explored throughout this series, the sale of a law practice is now ethically permissible in New York. Rule 1.17 of the Rules of Professional Conduct expressly allows lawyers to sell a practice, including goodwill. Yet despite that change, relatively few small and suburban firm owners actually sell their firms. Instead, many attorneys simply close their doors when they retire. That raises an obvious question. Why is nobody selling their practice? Part of the answer

As we continue our discussion of succession planning, one theme consistently rises to the surface. Clients, not contracts or valuations, ultimately determine whether a transition succeeds. A firm may have strong financials and a well-structured plan, but if clients do not stay, much of that value disappears. At the outset, it is important to remember a basic ethical principle. Clients are free to choose their attorney. They cannot be compelled to remain with a firm, and t

Much of the discussion around succession planning focuses on the mechanics and value of an exit. Those issues are critical. But there is another dimension of exit planning that receives far less attention and can be just as consequential. That is the emotional side of leaving a practice. Lawyers are deeply identity-driven professionals. For many of us, the practice of law is not just what we do. It is who we are. When it comes time to step back, that identity shift can

As we continue examining what makes a law firm truly valuable and how that value can be protected for an eventual transition, it becomes clear that pricing strategy plays an important role. Succession planning depends on building a business model that is predictable, transferable, and appealing to a successor. One way to support that goal is to reduce reliance on the traditional billable hour. Hourly billing ties a firm’s income directly to the personal output of its lawyer

As we continue exploring the elements that contribute to long-term law firm value, cybersecurity has become a central part of the conversation. In earlier articles, we discussed technology adoption and digital value as factors that affect a firm’s marketability. Cybersecurity is the natural extension of that theme. It is not just a technical requirement. It is an ethical obligation, a business imperative, and a succession issue. For many small and suburban firms, it can f

“Eat what you kill.” The phrase gets tossed around law firms as if it guarantees fairness and prosperity. The concept, that you’re rewarded purely for the business you bring in, has an undeniable appeal, especially to entrepreneurial lawyers. But when recruiters come calling with promises of higher compensation, better support, and fewer headaches, it’s worth pausing to ask what you’d be giving up. Over the years, I’ve been approached by multiple firms of varying sizes, some