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Published by the American Bar Association (ABA), The Lawyer's Guide to Succession Planning: A Project Management Approach for Successful Law Firm Transitions and Exits shares succession and transition processes, approaches, and step by step action plans for solo practitioners, sole owners, and members of larger law firms.
Sixty-five percent of law firms' equity partners in the U.S. are in their late 50s or early 60s. Over the next ten years, there will be many partners in firms of all sizes transitioning and exiting their practices. Many solo and sole owner attorneys as well as larger law firms are in "reactionary mode" and have not adequately prepared for transition of firm leadership and client relationships. A firm's very survival may very well depend upon coming to terms with succession and transition, and doing so early.
The book discusses what to do, what not to do, and how to do it, and provides case studies, sample action plans, sample succession plans, sample agreements, and other documents.
The Lawyer's Guide to Succession Planning also contains downloadable files that dig even deeper into the formidable issues of succession planning. These sample worksheets and agreements cover everything from a broad action plan to more specific topics such as partner transition plans, merger agreements, and retirement readiness assessments. These informative examples, combined with the substantive information provided in the book, will guarantee the easiest and most successful path to any and all succession plans.