The 3 Questions to Ask Employees During a Law Practice Ownership Transition.
The foundation of a good transition plan is open communication. Start by meeting with each of the employees and asking them these three questions during the transition.
1. What worked in the former practice, and what should we make sure we continue?
2. What were some of the obstacles to performance in the old structure to change them?
3. What was missing, not being done before, that we should address and focus on adding?
We work with clients to discuss those 3 questions to ask employees during the ownership transition. Also, it is important to know their practices to make sure the buyer and seller can work through transition details that make sense, work for both parties, and actually work to preserve the value and lessen disruptions.
Use the responses received to drive those subsequent changes. Notice that the questions focus on the practice structure and not the previous attorney. You are looking to take something working and improve on it with the team that helped get it to the level of success you just purchased. It would be best if you had them to help you get to the next level as well, so be mindful and move forward with change involving each of them as possible. Get the team to embrace them as their ideas for improvement.
Tom Lenfestey is the Managing Member of The Law Practice Exchange, LLC, and a practicing North Carolina attorney. The Law Practice Exchange aims to curb the lack of knowledge in the professional law practice transitions by educating and advising attorneys on the number of different options available in the legal marketplace and also serving as a confidential broker and advisor to seek and provide connections for those right opportunities between an exiting attorney and a growth-focused attorney or firm. Find out more at www.TheLawPracticeExchange.com. © 2015The Law Practice Exchange, LLC. Reproduction in whole or in part is strictly prohibited.