It is estimated that over 50% of law practice owners are from the Baby Boomer generation. Of these practice owners, one is turning 65 every 57 seconds and that trend will continue for the next 17 years. Consider this growing number of potential attorneys looking to exit their law practices along with the understanding that almost 90% of practice owners do not have a documented exit strategy, the future for buying opportunities begins to look better and better for those growth-focused law firms and attorneys.
However, if you are one of the Baby Boomers considering exiting your practice and selling it for value, the time to do so is now. It’s not too late and you can start the process by working on your transition plan that encompasses the following:
The information and advice provided in this publication is general guidance and is not necessarily specific to your individual situation, objectives or other needs. Make sure you seek a qualified expert opinion before proceeding with your transition objectives.