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MSOs for Law Firms: Legal(ish) Workarounds, Real Ethics Rules, and a State-by-State Map That Won’t Sit Still

If you’ve spent any time around healthcare, you’ve heard of the “MSO model”—a Management Services Organization that handles the business side while clinicians handle the clinical side. In legal, the pitch is similar: “Let the lawyers lawyer, and let the operators operate.” The catch is that law firms aren’t just regulated like businesses; they’re regulated like law firms. Which means the MSO conversation quickly becomes an ethics conversation, and ethics conversations quickly become “please stop sending me deck slides with the word ‘loophole’ on them.” Let’s dive deeper into what an MSO is in the law-firm context, why the model is exploding, the legal/ethical tripwires that can turn “innovative” into “investigated,” and how the rules are changing jurisdiction by jurisdiction. Note that this post is current as of March 2026. This space is always changing—LPE encourages you do to research or book a call with us if you’re interested in an MSO transaction. First: What Is an MSO for Law Firms? A law-firm MSO is typically a separate entity (often owned partly or entirely by nonlawyers/investors) that contracts with a lawyer-owned law firm to provide non-legal support services—think: marketing, intake, billing, IT, HR, office space, call centers, case management systems, even procurement and vendor negotiations. In most U.S. states, the core professional-conduct framework still mirrors the ABA’s prohibition on fee sharing and nonlawyer ownership/control. ABA Model Rule 5.4 is the gravitational field here: it restricts fee sharing with nonlawyers and bars structures that compromise a lawyer’s independent professional judgment. The MSO model tries to respect that boundary by keeping legal services inside a lawyer-owned entity while outsourcing business functions to a vendor. That’s the theory. In practice, regulators focus on whether the MSO is a real vendor—or whether it has become a shadow law firm with a very expensive stapler budget. Why MSOs Are Having a Moment Three forces are driving MSO interest: Capital: Many firms want growth financing but can’t sell equity in the law firm itself under traditional rules. MSOs can attract investment into the services layer instead. Scale + specialization: Centralized operations (intake, marketing analytics, tech) can materially improve conversion, client experience, and margins—especially for consumer-facing practices. Regulatory thaw (in pockets): Some jurisdictions are explicitly experimenting with nontraditional structures (or have long allowed them), which creates competitive pressure elsewhere. Mainstream coverage has recognized MSOs as a growing “workaround” even where nonlawyer ownership is generally prohibited. See, e.g., reporting describing the MSO split-entity model and its rapid adoption. Business Insider’s overview of the MSO trend is a good snapshot of how the model is being used nationwide. The Non-Negotiables: The Ethical/Regulatory Fault Lines Whether an MSO is “legal” is usually shorthand for “does it comply with the state’s ethics rules, unauthorized practice rules, and fee-splitting restrictions?” The hot-button issues are remarkably consistent across jurisdictions: 1) Fee Sharing: “Revenue share” is where dreams go to get redlined Model Rule 5.4(a) starts with a clear baseline: lawyers and law firms generally shall not share legal fees with a nonlawyer (with limited exceptions). Model Rule 5.4 text is worth reading in full because states often track it closely. So what does that mean for MSOs? The closer the MSO’s compensation looks like a slice of legal fees (e.g., “10% of collected revenue,” “a percentage of settlements,” “per-case success fees”), the more likely you’re in fee-splitting territory. Many ethics authorities draw a bright line against percentage-of-fee arrangements with nonlawyers. For example, New York has treated paying a percentage of legal fees to a nonlawyer-owned service as a Rule 5.4(a) violation. The safer pattern is typically a fixed fee, a flat subscription, or fair-market-value payments tied to bona fide services—structured to avoid tracking legal fees directly. 2) Control + Professional Judgment: The MSO can’t be the “real boss” Even if compensation is clean, control is the next tripwire. Model Rule 5.4(c) prohibits arrangements where a person who pays a lawyer can “direct or regulate” the lawyer’s professional judgment. If the MSO dictates case strategy, settlement authority, which clients to accept, how conflicts are resolved, or how lawyers are supervised, regulators will see through the “we’re just providing administrative support” label. 3) Client relationships + confidentiality: You can outsource tasks, not duties Lawyers remain responsible for confidentiality, conflicts checks, supervision, and client communication duties even when operations are outsourced. MSO staff can assist, but the law firm must implement safeguards (access controls, training, written policies) and maintain meaningful oversight. 4) Marketing and lead gen: “Pay per lead” is not the same as “pay per signed fee agreement” Some jurisdictions permit paying for lead generation, but only if it doesn’t become an impermissible referral fee or fee split. The ABA’s commentary on lead generation emphasizes that payments must remain consistent with fee-splitting and independence rules. Translation: marketing spend is fine; buying slices of legal fees is not. “Okay, But Has Anyone Actually Blessed the MSO Model?” More regulators are addressing it directly. A notable development: the State Bar of Texas Professional Ethics Committee issued guidance squarely discussing law-firm MSOs (and the guardrails that keep them ethical). While each state’s rules differ, Texas is influential because it provided concrete, modern analysis of how MSOs interact with fee-splitting and independence principles. If you’re advising across multiple states, treat these opinions like trail markers: they won’t guarantee a safe hike in every jurisdiction, but ignoring them is how you end up explaining your “innovative” structure to a panel that does not laugh at your jokes. State-by-State: Where the Ground Is Moving (and Where It’s Not) Most states still restrict nonlawyer ownership and fee sharing in the practice of law. But a handful of jurisdictions have moved into formal experimentation or liberalization. Here’s a practical, non-exhaustive map of the key developments that matter to MSO strategy. Jurisdiction What’s Allowed (High Level) Why It Matters for MSOs Arizona Licensed Alternative Business Structures (ABS) can include nonlawyer owners with economic interest/decision-making authority Direct nonlawyer participation can occur inside the legal-services entity (if licensed), reducing “workaround” pressure Utah Regulatory sandbox overseen by

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Continuity Is a Client Service: Why Retirement Planning Is an Ethical Imperative

Attorneys are trained to prioritize client interests. That principle shows up in professional conduct rules, malpractice risk management, and the daily habits of good lawyering. Yet one of the most predictable disruptions to client service—attorney retirement or incapacity—is also one of the most frequently postponed and can seriously impact continuity for clients. Retirement planning is often treated as a personal financial decision, or a business decision about valuation and transition. But it is also something else: a client service obligation. In many cases, it rises to an ethical imperative. When clients entrust you with matters that affect their finances, families, businesses, and futures, continuity is part of the service you owe them. Clients Don’t Retire When Attorneys Do Clients build relationships with people. They trust judgment, familiarity, responsiveness, and institutional memory. In small and mid-size firms especially, client loyalty often attaches to the attorney-owner personally. That means a retirement without planning isn’t just a leadership change—it can feel like abandonment from the client’s perspective. Even when clients like the firm, a sudden transition can create anxiety: Who is responsible now? Will the new attorney understand the history? Will my matter get the same attention? These concerns aren’t irrational; they’re a natural response to uncertainty. When Transition Planning Is Missing, Risk Increases Most attorneys can picture a “smooth” retirement: you choose your timeline, communicate thoughtfully, and hand off matters with care. The problem is that transitions don’t always occur on your ideal schedule. Health issues, family needs, economic shifts, and burnout can compress timelines fast. In anonymized scenarios we’ve seen, the absence of a continuity plan created preventable harm. A solo practitioner became unexpectedly incapacitated, and clients struggled to access files, understand next steps, or even determine who was handling pending deadlines. Staff were left guessing. The attorney’s reputation suffered through no ill intent—only lack of preparation. When continuity planning is delayed, the firm and the clients absorb the costs. And those costs often arrive at the worst possible time. Retirement Planning as an Ethical Responsibility Most jurisdictions emphasize an attorney’s duty to protect client interests in the event of retirement, incapacity, or death. The specifics vary by state, but the core principle is consistent: clients’ matters must be protected, and transitions must not compromise confidentiality, diligence, or communication. Ethics aside, there is a professional obligation at play. Planning ahead is part of competent representation. It is also part of being a reliable fiduciary for people who may have worked with you for decades. Continuity Planning Is Also Practical Risk Management Continuity planning reduces risk in concrete ways. It protects against rushed decision-making, missed deadlines, disorganized file transfers, and client attrition. It also protects the value of the practice itself. Firms with documented processes and clear transition plans are generally more stable—and stability supports valuation. At the firm level, lack of planning can produce a cascade of issues: staff uncertainty, morale problems, operational confusion, and reputational damage. Conversely, proactive planning signals competence and care, both internally and externally. What a Client-Centered Continuity Plan Includes A continuity plan does not have to be complicated, but it should be real. The goal is to ensure that if a transition happens tomorrow—planned or unplanned—client service continues without disruption. Common elements include: Client transition strategy: A plan for introducing new responsible attorneys and transferring relationships gradually. File and knowledge organization: Matters should be accessible, documented, and understandable to someone other than the owner. Defined leadership coverage: Clear responsibility for key decisions if the owner is unavailable. Communication templates: Thoughtful messaging for clients, courts, and referral partners. Emergency contingency planning: Procedures for incapacity, including who can access systems and how deadlines are handled. How to Communicate Transition Without Creating Client Anxiety One reason attorneys avoid retirement discussions is fear of alarming clients. In reality, clients tend to respond well to transparency when it is framed as care. Communication should emphasize continuity and stability: the client’s matter remains prioritized, the new attorney is qualified, and the firm has planned responsibly. Client transition communication works best when it is: Early enough that clients do not feel rushed Repeated (a single email rarely changes a relationship) Personal (introductions matter, especially for long-term clients) Structured (clear next steps, clear points of contact) Clients don’t need every internal detail. They do need confidence that you have anticipated their needs and protected their interests. Continuity Planning Protects Legacy, Too Attorneys often think legacy is about reputation or achievements. But legacy is also about how people experience the ending. A well-planned transition can be one of the strongest demonstrations of professionalism an attorney ever makes. It tells clients: “You mattered enough for me to prepare.” It tells staff: “I cared enough to create stability.” And it tells the market: “This practice is organized, durable, and responsibly managed.” Ready to Build a Continuity Plan That Protects Clients and Value? Think of continuity planning as the professional version of writing your name on the leftovers in the office fridge. It’s not dramatic, but it prevents chaos—and it spares everyone the unpleasant surprise of opening a container and realizing no one knows what’s inside or who it belongs to. Have questions or feeling lost? The Law Practice Exchange has helped thousands of attorneys navigate the intricacies of retaining clients after their transition. Schedule a call with us today to start planning your next steps, whether you need help with succession planning, selling your law firm, or even more.

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Second Acts for Attorneys: Consulting, Mentoring, and Purpose Beyond Practice

For many attorneys, “retirement” is an unhelpful word. It suggests an abrupt ending, a full stop, and a life that suddenly becomes 100% brunch and 0% intellectual stimulation. Some attorneys want exactly that, and they’ve earned it. But many are looking for something different: a second act that preserves purpose while reducing the weight of ownership, administration, and constant urgency. Second acts are increasingly common in the greying legal industry. As firm owners transition out, they’re discovering that they can contribute in ways that are meaningful, bounded, and aligned with the life they want next. The key is designing the next chapter deliberately—rather than letting it happen by accident. Why “Stop Working” Often Isn’t the Goal Attorneys typically build careers around problem-solving, service, and responsibility. For decades, you’ve been needed. You’ve been the person clients rely on. That creates a deep sense of purpose along with, sometimes, the feeling that the firm’s needs set the terms of your life. As retirement approaches, many attorneys aren’t trying to eliminate work; they’re trying to eliminate the parts that drain them. That often includes managing staff issues, handling operational burdens, and feeling perpetually on-call. A second act keeps the best parts—expertise, relationships, contribution—without carrying the entire machine. What a Second Act Can Look Like for Attorneys Second acts vary widely, but the most successful ones share a theme: they are defined. They come with boundaries, clarity, and a schedule that doesn’t quietly drift back into “full-time ownership with fewer benefits.” Consulting: High-Value Expertise Without Ownership Burden Consulting is a natural fit for experienced attorneys and former firm owners. Firms often need strategic guidance on practice growth, operations, client transition, pricing, and business development. Former owners have lived these challenges. They understand what works in real life, not just in theory. Consulting roles can include: Advising on growth strategy, practice area expansion, or profitability Supporting leadership teams through transition periods Coaching attorneys on business development and client relationships Helping firms build systems, workflows, and risk management practices Unlike ownership, consulting can be structured: a defined scope, a defined term, and clear deliverables. That structure is what makes it sustainable. Mentoring: Passing the Torch (Without Carrying It) Many senior attorneys don’t want to “stay involved” operationally, but they do want to remain meaningful. Mentoring is one of the most powerful ways to do that. Mentorship can be formal (programs, scheduled coaching) or informal (consistent guidance and sponsorship). The point is continuity of expertise and culture. Mentoring is especially valuable in succession planning. When a retiring attorney invests in the next generation, the firm benefits in multiple ways: leadership capacity grows, retention improves, and clients experience a smoother transition because the future leaders are known quantities. One anonymized example: Renee, a founder, agreed to mentor two rising partners during a three-year transition. She didn’t just hand over files; she taught them how she thought through risk, how she managed client expectations, and how she decided what battles were worth fighting. The partners grew faster than they would have through trial and error. Renee felt proud, not replaced—and that emotional difference mattered. Of Counsel or Part-Time Practice: Staying Connected on Your Terms Some attorneys want to keep practicing in a limited way. An of counsel role can offer continuity, flexibility, and a defined workload. It can also ease client transitions by keeping a familiar face available while new attorneys deepen the relationship. The danger is scope creep. If boundaries aren’t clear, “part-time” can become “full-time, but with fewer weekends that are technically yours.” If you choose this path, clarity matters: what types of matters, what hours, and what the end date or reassessment point is. How Second Acts Support a Better Law Firm Transition Second acts aren’t just personally satisfying; they can be strategically smart. When an owner has a compelling post-ownership role, it reduces the emotional friction that can slow a sale or succession plan. It also provides tangible benefits to the firm or acquiring party: transition support, institutional knowledge, and client continuity. From a business perspective, second acts can: Reduce client attrition by smoothing relationship handoffs Support leadership development and retention Preserve firm culture and “how we do things here” knowledge Create a phased transition that feels stable for staff and clients Design Principles for a Successful Second Act Second acts work best when they’re treated as a design problem, not a vague aspiration. Consider these principles: 1. Define the Role in Writing Whether it’s consulting, mentoring, or of counsel work, define scope, schedule, responsibilities, and term. Ambiguity is where burnout hides. 2. Choose Work That Matches Your “Energy Profile” Some work energizes you; other work drains you. Design your second act around the former. If you love strategy but hate admin, don’t accidentally recreate admin with a nicer title. 3. Keep an Exit Door Open It sounds ironic, but even second acts should include a future transition plan. Build in a review date, a tapering schedule, or a defined end point. A Small Dose of Humor (Because It’s Still You) Attorneys sometimes worry that stepping back means losing relevance. In reality, it often means gaining sanity. And if you’re concerned about what you’ll do with your time, remember: many retired attorneys discover a surprising new hobby—explaining to friends that they are “not available” during business hours, and meaning it. Want Help Designing a Second Act That Fits? At The Law Practice Exchange, we believe selling your firm is about more than EBITDA. The emotional aspect can make or break any deal, and as attorneys ourselves, we’re here to help you navigate every step of your transition. If you’re looking for the right partner to help kickstart your second chapter, give us a call—we’re here to help.

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next generation attorneys

No Heir Apparent? How Firms Can Build Their Next Generation of Leaders

In many firms, succession planning begins with an assumption: “Someone will step up.” The founder retires, a senior associate from the next generation becomes a partner, and the firm continues—more or less unchanged. That storyline used to be common. Today, many firms discover a less comforting reality: there is no obvious successor, no eager buyer-in-waiting, and no clear internal leadership bench. If that’s your situation, take a breath. “No heir apparent” isn’t a verdict; it’s information. It’s the firm’s way of telling you that leadership development isn’t happening by default—and it needs to happen by design. Why the Leadership Pipeline Feels Thinner Than It Used To Law firm leadership used to follow a predictable arc. Associates wanted partnership, partnership was the prize, and ownership was the endgame. That model has shifted for reasons that are practical, cultural, and financial. Many younger attorneys carry meaningful student debt and may be cautious about taking on additional financial obligations. Others prefer flexibility and predictability over ownership responsibilities. Some have watched older partners absorb stress, manage staffing problems, and shoulder administrative work—and concluded that the trade-off doesn’t look appealing. Meanwhile, senior owners often (understandably) protect control. They built the firm through hard lessons, and handing over authority can feel risky. But when decision-making remains concentrated at the top, potential successors never get the experience required to become confident leaders. The result is a leadership gap that widens quietly over time. Succession Planning Is Not “Picking a Successor” Many firms approach succession as a search for the right person. But strong successors are rarely discovered fully formed. They are developed. Succession planning is not an event; it’s a process of building capacity in others while deliberately reducing dependency on any one person. In practical terms, building the next generation of leaders means creating a system where attorneys can learn leadership skills the same way they learn substantive law: through exposure, feedback, and responsibility that increases over time. What “Leadership Development” Looks Like in a Law Firm Leadership development doesn’t require a corporate training department, but it does require structure. Firms that successfully build leadership capacity tend to do three things well: they share information, they share responsibility, and they create a clear path for advancement. 1. Share Information Earlier Than Feels Comfortable Potential leaders can’t prepare for ownership if the financial and operational realities remain invisible. This doesn’t mean sharing every detail with everyone. It does mean providing meaningful context: how profitability works, what overhead really costs, and how business decisions get made. When attorneys understand the “why” behind decisions, they are more likely to step into leadership with confidence rather than anxiety. 2. Transfer Responsibility Gradually (Not All at Once) The most common succession mistake is waiting until retirement is imminent to hand over core responsibilities. A last-minute transfer is stressful for clients, staff, and the next leader. A gradual transfer builds continuity and reduces risk. For example, consider an anonymized scenario: Linda, a founder in a small firm, believed her top associate was excellent but “not ready.” Over a two-year period, Linda assigned the associate leadership over a practice area, then over client communication protocols, and finally over pricing decisions with clear guardrails. The next generation associate became ready because the firm treated readiness as a product of experience—not a prerequisite for opportunity. 3. Create a Clear, Realistic Path to Ownership Many firms unintentionally make ownership feel mysterious or financially unrealistic. If buy-in terms are unclear, if timelines are vague, or if expectations feel open-ended, attorneys opt out—often quietly. Clarity reduces fear. Consider documenting: What ownership requires (financially and operationally) How compensation evolves during transition What decision-making authority looks like How client relationships will be handed off How risk is managed for the incoming leader The “Control Paradox”: Why Holding On Can Make Succession Harder Senior owners often delay sharing authority because they fear a mistake will harm the firm. That fear is not irrational. But there’s a paradox here: the longer leadership is withheld, the less prepared successors become. By the time a transition is urgent, there is no one ready and the firm’s options narrow. A healthier approach is to identify where “good enough” is acceptable and where oversight must remain tighter. Leadership development for the next generation thrives in environments where successors can make decisions, learn from outcomes, and receive guidance without needing to be perfect. When Internal Succession Isn’t the Right Fit Sometimes the honest conclusion is that internal succession isn’t viable on your timeline. Maybe the firm’s most talented attorneys don’t want ownership. Perhaps the practice area mix requires scale. And there’s a chance the economics of buy-in don’t work for the next generation. In those cases, external succession—through merger, acquisition, or sale—can be the most responsible path for clients and staff. The critical factor is planning early. External options are strongest when the firm is stable, the owner has time to participate in transition, and clients can be handed off thoughtfully. Waiting until the owner is burned out or the market shifts can reduce valuation and increase disruption. A Succession Plan That Builds Confidence (Not Panic) If your firm has no heir apparent today, the goal is to convert uncertainty into a plan. Start with an assessment: What functions depend on senior owners? Where are the operational bottlenecks? Which client relationships are concentrated? Which attorneys show leadership interest—even if they haven’t said “ownership” out loud? Then move to action. Some high-impact steps include: Formalizing a leadership track with milestones Assigning practice area leadership roles with defined authority Introducing successors to top clients in structured, repeated ways Creating an “owner’s manual” for how the firm operates Exploring external succession options as a parallel path (not a last resort) Succession planning is ultimately a continuity strategy. The firm that builds leaders protects clients, retains talent, and preserves value. And the owners who lead that process can step away knowing the firm will continue—because it’s designed to. Want to Strengthen Your Succession Options? Succession planning can be one of

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Who Am I Without My Practice? Navigating Identity After Law Firm Ownership

For many attorneys, law firm ownership is not just a job—it’s a long-term identity project. You didn’t simply “work at” a firm; you built it, shaped it, defended it, and carried it through late nights, tough clients, staffing changes, and the occasional court deadline that appeared to be scheduled by someone with a grudge against sleep. Over time, the practice becomes a primary answer to “Who are you?” It’s the story you tell, the routine you live, and the source of validation you may not even realize you’re collecting. So when retirement planning or a law firm transition becomes real, it can trigger a question that feels bigger than valuation multiples or buy-sell terms: Who am I without my practice? This is the part of the conversation attorneys often avoid—not because it’s unimportant, but because it’s harder to quantify than EBITDA. And yet, ignoring it can slow down (or derail) the most well-intentioned transition plans. Why Identity Gets Entangled with Ownership Law firm owners typically don’t experience work as a discrete “role.” Clients call you, not a generic extension. Staff look to you for decisions. Referral partners associate outcomes with your name. In small and mid-size firms, especially, leadership is personal. For decades, you are the rainmaker, the closer, the institutional memory, and the person who knows why that one old file matters. That level of responsibility can be fulfilling—and it can also create a quiet dependence on the firm for structure, community, and significance. Attorneys are trained to be useful, and law firm owners are trained to be necessary. Those are not the same thing. Here’s how identity attachment commonly shows up (often disguised as “practical concerns”): Delaying decisions because “the timing isn’t right” (even when the timing is objectively fine). Over-functioning because it feels safer to keep control than to share it. Perfectionism about the “ideal” successor, buyer, or transition plan. Minimizing personal needs because attorneys are experts at prioritizing everyone else’s. The Hidden Cost of Skipping the Personal Transition Retirement planning for attorneys is often treated like a checklist: update the estate plan, get a valuation, clarify succession, and plan client communications. Those steps matter. But when an owner hasn’t emotionally prepared for the shift, even a strong plan can stall. Why? Because the internal narrative conflicts with the external timeline. We’ve seen this play out in anonymized form many times. Consider Mark, a managing partner in a respected regional firm. His practice was healthy, his numbers were strong, and there was buyer interest. But every time the team reached a decision point—delegating key client relationships, narrowing transition dates, formalizing terms—Mark found a reason to slow down. It wasn’t sabotage; it was self-protection. The firm had been his identity anchor for thirty years. What ultimately unlocked progress wasn’t another spreadsheet. It was reframing: Mark could step away from ownership without stepping away from meaning. Once he had a post-ownership role to look forward to—mentorship, strategic advising, and selective client transition support—the sale timeline stopped feeling like a cliff and started feeling like a bridge. From “Owner” to “Steward”: A More Sustainable Frame One of the most helpful shifts for attorneys approaching retirement is moving from the mindset of indispensable owner to steward of continuity. Stewards build systems that outlast them. They prioritize clients’ long-term stability and the firm’s future health, not just their own daily involvement. Practically, this means asking: “How do I preserve what I built without needing to be the center of it?” That is not a demotion. It is leadership at a higher altitude. Signs You’re Ready to Start Stepping Back Readiness doesn’t always feel like excitement. Sometimes it feels like honest fatigue, or a desire for fewer emergencies. You may be ready to begin the identity transition if: You’re increasingly aware that the firm depends on you in ways that are risky for everyone. You’d like to protect your legacy while you still have energy to shape the outcome. You find yourself wondering what life could look like with more control of your schedule. You want to be remembered for building something durable, not just for being constantly available. Designing a “Next Chapter” That Doesn’t Feel Like Disappearance Attorneys sometimes assume retirement means either full stop or full speed. In reality, many transitions are phased. The goal is not to vanish; it’s to evolve. The most satisfying “next chapters” tend to include one or more of the following elements: Defined involvement: A transition advisory role for a set period, with clear responsibilities and boundaries. Mentorship: Training the next generation to lead, which preserves institutional knowledge and gives your experience a forward path. Selective work: Handling a limited set of matters where your expertise is uniquely valuable (without the operational burden). Community and structure: Professional associations, teaching, speaking, board service, or pro bono work that keeps purpose intact. Think of it this way: your practice may have provided your identity’s “container.” Retirement planning is partly about building a new container—one that fits who you are now, not who you were when you started the firm. Practical Steps to Untangle Identity (Without Becoming a Philosopher Overnight) You don’t need a retreat, a journal habit, or a midlife crisis purchase (though if you buy a convertible, please keep it tasteful). You do need intentional reflection. A few prompts often help attorneys clarify the transition: What do I love about my work? Is it the advocacy, the relationships, the problem-solving, the leadership, or the “I’m useful” feeling? What do I want to stop doing? Admin headaches, staff issues, constant availability, managing cash flow, or the emotional load of being “on” all the time? What does a successful transition look like? Not just financially—emotionally, relationally, and professionally. What legacy do I want clients and staff to experience? Smooth continuity, respectful handoffs, and stability, or last-minute scramble? These answers inform the operational plan. They help you decide what role (if any) you want after transition, how long you want a phase-out period, and how to communicate changes in

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McDermott Will & Schulte and Private Capital: What It Means for Smaller Law Firms

Big shifts may be underway in how law firms are financed and structured, and that matters for buyers of smaller practices everywhere. The legal industry has long resisted private capital and non-lawyer ownership due to ethical restrictions that prevent outside parties from owning law firms directly. But recent developments at one of the largest U.S. firms could signal a change in the landscape. McDermott Will & Schulte, the new global powerhouse formed by the merger of McDermott Will & Emery and Schulte Roth & Zabel, is publicly exploring the possibility of selling a stake to outside investors under a managed services structure—a novel approach that separates lawyer ownership from back-office services so investors can participate without violating ownership rules. This exploratory discussion is preliminary, but even the possibility is significant for the future of law firm investment. Why This Matters: Breaking the Traditional Ownership Model In most U.S. jurisdictions, ethics rules require that law firms remain owned by licensed lawyers. Non-lawyer investment that touches legal fees is prohibited by ABA Rule 5.4, making direct private equity stakes in law firms difficult or impossible under standard structures. While some stats like Arizona have loosened their rules for non-lawyer ownership, it will take a while to see if this trend spreads to other jurisdictions. The managed services organization (MSO) approach under consideration for McDermott’s deal would create two businesses: a lawyer-owned entity that provides legal services and a separate MSO that handles back-office functions. Investors could take a financial stake in the MSO and share in revenues tied to administrative services paid for by the law firm. If it happens, such a transaction could be a watershed moment not just for Big Law, but for firms of all sizes that are navigating succession, acquisition, and growth amid evolving capital options. What the McDermott Talks Signal for Buyers Even though the discussions are early and no deal is finalized, the conversation itself signals a few broader trends that buyers should pay attention to: Increasing openness to alternative capital solutions. Firms may be more willing to explore models beyond partner capital to fund growth, tech investment, and succession liquidity. Potential model validation. If a large law firm can structure investment deals without ethical conflict, it could accelerate similar conversations across the industry. Pressure on smaller firms. Buyers and sellers at the mid-market level may find themselves competing with better-capitalized platforms or having to demonstrate why independent practice is still attractive. Private Capital, MSOs, and the Legal Market: A Primer Private capital refers to investments from non-public sources such as private equity firms, family offices, or strategic investors. In many industries, private capital fuels expansion, technology upgrades, acquisitions, and professionalization. In law, that standard model has been constrained by professional regulations. An MSO (Managed Services Organization) is a structure used in other professional fields (like healthcare and accounting) to separate non-legal functions—billing, HR, technology, facilities—from legal practice. Investors can own part of an MSO and share in the revenues generated by the services it provides to the law firm, without directly owning or controlling legal work. While this structure still presents challenges, it’s one of the few models that can comply with regulatory prohibitions on non-lawyer ownership while bringing outside capital into the ecosystem. What Smaller Firm Buyers Can Take Away Whether you are acquiring a solo or small firm, merging a platform, or scaling a multi-office practice, several themes emerge from the McDermott situation that are relevant to your strategy. Private Capital Isn’t Just for Big Firms If MSO deals or similar structures gain traction at the largest firms, smaller practices could eventually adopt similar models, accessing capital to support growth, succession, technology investments, or lateral recruiting. These options may be especially relevant for firms that: Need liquidity for retiring partners Want to invest in tech or operations to remain competitive Seek strategic scale through acquisitions or mergers Buyers Should Know Their Financing Options Traditional acquisition financing has typically meant seller financing, partner capital, or bank debt. But a future with private capital alternatives could give buyers extra leverage or flexibility, particularly when seller expectations around price or timing are misaligned with buyer resources. Operational Strength Matters More Than Ever Capital is more likely to flow toward law firms with: Clean financials Documented systems and processes Diversified revenue streams Clear client retention strategies Buyers who can clearly articulate and improve operational efficiency post-acquisition are more attractive to investors and more likely to realize long-term value. Deal Structures in a Changing Capital Environment Even without widespread private equity accessibility, firms are experimenting with structures that balance capital needs with regulatory restrictions. Buyers should familiarize themselves with ways deals can be structured, including: Seller financing: The seller carries part of the purchase price, tying payment to future performance. Earn-outs: A portion of price is paid based on revenue retention or client continuity post-close. Phased transitions: Sellers stay on in advisory roles during client and staff transition periods. MSO-linked capital: Back-office revenues are monetized through separate entities that accept outside investment. Each structure has advantages and risks, and each depends on the specific circumstances of the firms involved. Looking Ahead: What This Could Mean for the Market If McDermott or another large firm successfully structures outside investment, it could catalyze broader acceptance of alternative capital strategies across the legal industry, from large firms down through mid-market and boutique practices. Over time, that could lead to: More capital availability for acquisitions and growth Greater professionalization of operations Wider acceptance of hybrid ownership models A more dynamic market for law firm mergers and acquisitions For buyers willing to stay educated, strategic, and adaptable, this evolving landscape represents not just change, but opportunity. Contact  The Law Practice Exchange today to learn more about private equity and what a potential sale could mean for your law firm.

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How Loved Ones Can Support Retired Attorneys: A Guide for Spouses, Children, and Families

Retirement is a major milestone for any professional, but for attorneys who have owned and operated their own law firms, it can be uniquely complex. A law practice is rarely just a job. It is often a decades-long investment of time, intellect, reputation, and personal identity. For retiring lawyers, the role of loved ones—including spouses, partners, children, and close family members—can be critical. These individuals often serve as trusted advisors, emotional anchors, and practical support systems during one of the most consequential transitions of a lawyer’s life. There is no one-size-fits-all approach. Families differ. Firms differ. Personal goals differ. But when loved ones understand the pressures retiring attorneys face and the many ways they can help, the transition becomes more thoughtful, less stressful, and far more intentional. Why Retirement Is Especially Complex for Law Firm Owners Many attorneys don’t simply retire from a position—they exit a business they built. This distinction matters. Retirement may involve: Negotiating the sale, merger, or succession of the firm Protecting long-standing client relationships Ensuring ethical compliance around files, trust accounts, and client communication Considering the livelihoods of staff and junior attorneys Reconciling personal identity with stepping away from daily practice Because these decisions often combine financial, professional, and emotional considerations, loved ones frequently become sounding boards, whether formally or informally. The Emotional Side of Retirement: How Loved Ones Can Help While retirement planning is often framed as a financial or business exercise, the emotional side is just as significant. Attorneys may experience excitement and relief alongside fear, uncertainty, or grief. Many lawyers have spent decades being relied upon for answers. Retirement can challenge that sense of purpose. Providing Emotional Stability and Perspective Spouses, partners, and family members can provide grounding support by: Listening without immediately trying to “fix” concerns Normalizing mixed emotions about stepping away Helping the attorney see retirement as an evolution rather than a loss Supporting them as they fill the void of their firm, whether that’s through a gradual transition away from work or keeping them busy with their newfound free time Sometimes the most valuable support is simply patience, allowing the attorney to work through the transition at their own pace. The Role of Spouses and Partners: Often the Closest Advisors Spouses and long-term partners are frequently the most involved supporters during retirement. In many law firms, they may already have a working knowledge of the business, finances, or daily pressures of practice. When the Spouse Is Involved in the Firm In some cases, a spouse or partner plays an active role in the firm—handling bookkeeping, payroll, HR, marketing, or administrative operations. This involvement creates a unique vantage point. These spouses may help by: Organizing financial and operational information for advisors Identifying inefficiencies or risks that could affect valuation Helping prepare for due diligence during a sale or merger Understanding how their own role will change alongside their spouse They often understand both the business realities and the personal stakes, making their input especially valuable. When the Spouse Is Not Involved in the Business Even without direct involvement, spouses can provide critical perspective. Being outside the day-to-day operations can be an advantage. They may support retirement planning by: Helping define shared lifestyle goals post-retirement Asking clarifying questions about timing, risk, and income needs Encouraging balance between professional obligations and personal well-being In many cases, spouses help retiring attorneys see beyond the firm and focus on the next chapter of life together. The Role of Children: A Wide Spectrum of Involvement Children of law firm owners occupy a wide range of roles, from deeply involved to entirely separate. Each scenario comes with unique considerations. When Children Work in the Firm Some children are attorneys in the firm or play operational roles. Others may be lawyers elsewhere who understand the profession but not the specific practice. In these cases, children may help by: Participating in early succession conversations Providing insight into whether internal transition is viable Helping bridge generational expectations around leadership and culture Clear communication is essential. Retirement planning should not rely on assumptions about interest, readiness, or obligation. And if a child is potentially interested in taking on a firm from an aging parent, it’s still important to have an objective advisor involved to ensure feelings don’t get in the way. When Children Are Lawyers but Not in the Firm Children who are attorneys but not part of the practice often bring valuable outside perspective. They may understand market realities, client expectations, and modern firm structures. They can support retiring parents by: Offering a second opinion on transition options Helping evaluate offers or succession structures Acting as a neutral sounding board without direct business involvement When Children Are Not Lawyers and Not Involved Many children have no desire to be involved in the firm, and that is completely appropriate. Their support often looks different but remains meaningful. They may help by: Encouraging proactive planning rather than reactive decisions Helping parents envision a fulfilling post-retirement life Ensuring alignment between business decisions and estate planning In some families, children play a key role in reminding retiring attorneys that quality of life matters as much as professional legacy. Non-lawyer children can even have a stake in their parent’s business through different deal structures, including MSOs and private equity investments that allow for operational support. Helping Retired Attorneys Define “What Retirement Looks Like” One of the hardest aspects of retirement is not the exit itself, but the uncertainty of what comes next. Loved ones can help shift the conversation from fear to possibility. Helpful questions include: What does an ideal week look like after stepping away? Is there interest in mentoring, consulting, or teaching? How much ongoing involvement feels healthy and energizing? These discussions help retiring attorneys see retirement as a redefinition of purpose rather than an absence of it. Supporting Negotiations and Big Decisions Without Overstepping Some loved ones take an active role in negotiations by reviewing offers, helping prepare questions, or organizing information. Others provide quiet emotional support. Both approaches can be

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older attorneys plan for retirement

Being a “Deal Therapist”: What Older Attorneys Need to Hear About Legacy and Letting Go

There’s a phrase I use, sometimes half-jokingly and sometimes quite seriously, when working with seasoned law firm owners preparing for transition: I’m not just a deal advisor, I’m a deal therapist. At first blush, that sounds like a quip. But after walking hundreds of lawyers through the process of selling, succession planning, and exit strategy over the past decade, I can tell you this: the emotional landscape of transitioning a law practice matters just as much as the financials. Why Transition Feels So Personal for Older Attorneys To many long-time practitioners, the firm is their legacy. It reflects every late night, every tough call with a client, and every argument won in court or at the negotiating table. Letting go of the reins often means confronting deeply personal questions. Who will carry forward the standards I’ve upheld? Will my clients be cared for the way I would care for them? What will I do if I’m no longer needed in the way I once was? Many attorneys delay transition planning not because they lack incentive, but because they have not acknowledged the emotional cost of letting go. They worry about loss of control, loss of purpose, and loss of identity. That worry is real, and it deserves acknowledgement rather than dismissal. Legacy Is About More Than a Balance Sheet When I sit down with a senior lawyer contemplating exit, our first conversations are rarely about valuation multiples. Instead, they focus on the story behind the firm: how it started, whom it has served, and what it means to them personally. One retired partner once told me, “I built this with nothing but a hope and a law degree. If I can’t be here to protect it, who will?” Another said, “I’ve practiced law since I graduated. When I stop, who am I?” These are not superficial anxieties. They are fundamental human questions. Accepting that reality is not weakness. It is wisdom. Transition Is a Psychological Journey as Much as a Transaction Too often, the marketplace speaks only in numbers: revenue, multiples, EBITDA, and comps. These matter. They influence price and structure. But if you are not prepared emotionally for a transition, the numbers alone will not make the process smoother. I have seen this across firm sizes. A solo estate planner delayed succession planning until after a valuation because she was not ready to face the idea of stepping away. A managing partner at a larger firm nearly derailed a deal because diligence questions felt like personal criticism. In every case, emotional readiness proved just as pivotal to success as financial readiness. This is why I often find myself providing support that goes beyond traditional deal mechanics. Deal therapy is not about psychoanalysis. It is about presence, validation, and helping firm owners reframe identity beyond daily practice. Reframing the Narrative of Letting Go Here is one of the hardest truths for many attorneys to hear. Selling or transitioning a firm does not erase your legacy. It extends it. Legacy is not a snapshot of today’s revenue or a list of clients. It is continuity. It means clients continue to be served, values live on in the culture, and the firm’s contribution to the profession endures. One client told me shortly after closing, “I thought I was ending everything. I finally realized I was beginning something else.” He did not disappear from the profession. He became a mentor, joined nonprofit boards, and took on pro bono work he had postponed for years. For older attorneys, letting go is not about absence. It is about choice. Emotional Readiness Drives Better Outcomes Here is what we have learned working with lawyers at every stage of transition: emotional readiness is not optional. It is essential. Before the first conversation about offers or terms, the most successful transitions begin with honest self-reflection. Am I ready to relinquish operational control? Do I trust my successor or successors? What does my post-law career look like, and am I comfortable with it? Law firm owners who take time with these questions tend to experience smoother negotiations, stronger relationships with buyers or successors, and faster closings. They do not see diligence as a personal judgment, but as a necessary and healthy part of the process. Supporting the Transition Practically and Emotionally At The Law Practice Exchange, we approach transitions with both rigor and empathy. We begin with candid assessment, addressing both financials and mindset. We help separate identity from enterprise. We reframe transition as continuation rather than abandonment. We provide guidance throughout the process, from valuation to close. This approach is not abstract or theoretical. It leads to better deals, fewer regrets, and legacies that endure. Letting Go Isn’t Losing—it’s Leading Forward To every seasoned attorney wondering whether it is time, I offer this perspective. You do not stop being a lawyer because you sell your practice. You stop practicing law in the way you always have. That change can create space for a more intentional and fulfilling next chapter. Even if you aren’t ready to let go yet, putting off initial conversations could be one of the worst decisions you make. Exiting—or, at the very least, planning your exit—puts you in the driver’s seat. Don’t let life make these hard choices on your behalf. Ready to take the next step? Schedule a call with us at LPE or take a look at our resources. Our team of deal therapists are here to help older attorneys navigate their transition from start to finish. Let’s get your retirement started on the right foot.

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baby boomer attorneys laughing

The Great Law Firm Transition: How Baby Boomer Attorneys Can Exit on Their Own Terms

For many baby boomer attorneys, retirement doesn’t look like a hard stop. It often looks like slowing down, shifting the work they take on, or waiting for the right moment to hand off clients and step away. That’s understandable. Law is personal—your relationships, reputation, and identity are wrapped into the firm you built, and you deserve to define what your legacy looks like. But the legal profession is also undeniably “greying,” and postponing a transition can create real consequences for clients, staff, valuation, and your own peace of mind. Let’s take a closer look at what that means for the industry as a whole…and your retirement. The “Greying” of Law Firms: What the Data Says The legal profession skews older than many other occupations. According to the American Bar Association’s Profile of the Legal Profession, there are over 1.3 million active lawyers in the U.S., with a notable share in the later stages of their careers. The median age of lawyers was 46 in 2023, compared with 42.1 for all U.S. workers. Lawyers age 55 and older make up a meaningful portion of the profession, signaling that many are delaying full retirement and staying active in practice well into what were traditionally retirement years. That “older-and-staying” pattern isn’t unique to law. Across the broader workforce, a higher share of older Americans are working than in past decades: about 19% of adults 65+ are employed today, up from 11% in 1987, according to Pew Research Center. And when older Americans do keep working, many move toward flexibility. Recent statistics from the Bureau of Labor state that 38.3% of employed people age 65+ worked part time in 2024. Why Lawyers Delay Retirement (and Why it’s Different in Law) Baby boomers delay retirement for familiar reasons: financial uncertainty, rising costs, and longer life expectancy. But lawyers also face profession-specific challenges: Client relationships are sticky. Clients often “hire the lawyer,” not the firm. Your practice may be your retirement plan. The firm’s value is real, but only if it’s transferable. Ethical duties remain. File custody, client protection, and trust accounting obligations continue whether you’re working or planning an exit. The Risks of Waiting Too Long Delaying your exit doesn’t just postpone your next chapter—it can quietly erode the options you’ll have later. Valuation drops. A practice overly dependent on one person is harder to sell. Clients get nervous. If clients sense uncertainty, they may switch counsel early. Staff instability increases. Good people want clarity and a path forward. Emergency transitions are costly. Illness or unexpected events can force rushed decisions. The good news: most of these risks are preventable with a proactive plan and timeline. We often encourage baby boomer attorneys to think about their exit plan at least five to ten years ahead of time, allowing you to make key decisions about your legacy before life makes them on your behalf. Actionable Tips for Baby Boomer Attorneys Planning Retirement Pick a Retirement Model, Not Just a Date Many attorneys benefit from a phased retirement approach. This could look like stepping down from certain cases, reducing hours, or moving into mentorship roles. Older workers often reduce hours or shift to part-time work as they age, reflecting broader labor trends. Try this: Define “Phase 1 / Phase 2 / Phase 3” transition plans over 12–36 months, even if dates shift later. Turn Your Book of Business into a Transferable Asset The goal is to make your client relationships bigger than one individual. It’s not too late to start decoupling yourself from your firm’s brand, and it’s not required if you want to secure a sale. However, we recommend: Add a second attorney to key matters with real responsibility. Introduce clients to the next-gen attorney as part of continuity. Document client knowledge (preferences, decision makers, billing sensitivities). Taking a week-long break from your firm (and yes, that means really unplugging) to see if and how things run without you, exposing potential weaknesses Build a Succession Plan that Protects Clients and Family Succession planning protects clients and colleagues in case of disability or death. It should include access to client data, passwords, liabilities, and instructions for a successor. (Resources from professional responsibility committees like the ABA can guide this.) Try this: Create a one-page “succession binder index” (digital and printed) that says where everything is and who can access it. Clean Up Operations to Improve Valuation and Reduce Buyer Anxiety Both internal and external buyers pay more for clarity. Consider standardizing engagement letters, confirming clean trust accounting practices, ensuring matters are visible in your case management system, and reducing reliance on a single staff “gatekeeper.” Decide What “Legacy” Means to You, Then Align the Exit Plan Legacy can mean continuing the firm name and culture, protecting staff jobs, preserving client service quality, or monetizing what you built for your family. The clarity you gain in defining your legacy determines whether you pursue internal succession, a merger, a practice sale, or a planned wind-down. If you have loved ones who have been by your side as you built your practice, involve them as decision-makers if it feels right. You can also lean on them for support on the more emotional aspects of exiting. 6) Don’t Wait to Talk to Clients—Script It Most retirement transitions fail because attorneys avoid conversations until it feels urgent. A simple, empathetic script can help: “I’m building a continuity plan so you’re always supported. You’ll start seeing more of [Name], who is excellent at [X]. I’m still involved, and this strengthens the bench for your matters.” This instills confidence while ensuring a smooth transition. Your clients already have a deep trust in you, and your endorsement of a successor will put them at ease while you figure out next steps. Why Planning Matters Now The combination of an aging profession and broader trends toward extended workforce participation means more attorneys will be navigating retirement decisions simultaneously. Treating succession as a business strategy—not a last-minute necessity—positions you to exit on your own terms, protect

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selling their law firm

10 New Year’s Resolutions for Lawyers Selling Their Firm in 2026

As the new year approaches, many lawyers are contemplating one of the most significant professional decisions of their careers: selling their law practice. Whether you’re planning retirement, pursuing a different opportunity, or simply ready for a change, selling a law firm requires careful preparation and strategic thinking. Here are ten essential resolutions to guide you through a successful transition in 2026. 1. Start the valuation process early Resolve to obtain a professional valuation of your practice in the first quarter of 2026. Understanding your firm’s true market value is the foundation of any successful sale. A comprehensive valuation considers not just your revenue and client base, but also your firm’s goodwill, reputation, physical assets, and growth potential. Engaging a qualified business appraiser or law practice broker early gives you time to address any valuation concerns and set realistic expectations before entering negotiations. 2. Get more meticulous about financial records Make 2026 the year you finally get your financial house in perfect order. Prospective buyers will scrutinize at least three years of financial statements, tax returns, accounts receivable aging reports, and revenue breakdowns. Disorganized or incomplete financial records raise red flags and can derail deals. Commit to maintaining clean, transparent books throughout the year, and work with your accountant to ensure all documentation is buyer-ready. This preparation not only facilitates due diligence but also demonstrates the professionalism that makes your practice more attractive. 3. Document systems and procedures Resolve to create comprehensive documentation of how your practice operates. Many solo practitioners and small firm owners carry critical knowledge in their heads rather than on paper. This year, commit to documenting your case management systems, client intake procedures, billing practices, and administrative workflows. Written procedures make your practice more transferable and valuable, reassuring buyers that they can maintain operations smoothly after the transition. Consider this documentation as an operations manual that could allow someone to step in and run the practice effectively. 4. Strengthen client relationships and retention One of the most valuable assets in any law practice is a loyal, stable client base. Make 2026 the year you deepen these relationships and ensure clients will remain with the practice through new ownership. Focus on excellent service delivery, regular communication, and addressing any outstanding client concerns. Consider implementing client feedback systems to demonstrate responsiveness. Buyers pay premium prices for practices with high client retention rates and documented client satisfaction, so your efforts here directly impact your sale price. 5. Reduce owner dependency If your practice cannot function without you, it’s significantly less valuable to potential buyers. Resolve to systematically reduce your personal involvement in day-to-day operations. Delegate responsibilities to capable staff members, cross-train team members on critical functions, and ensure that key client relationships include touchpoints with others in the firm. The goal is to demonstrate that the practice’s success is built on systems and team capabilities rather than solely on your personal involvement. This transition not only increases sale value but also makes the actual handoff smoother. 6. Address potential deal-breakers Commit to identifying and resolving issues that could derail your sale. Common deal-breakers include pending disciplinary matters, unresolved malpractice claims, lease complications, outdated technology infrastructure, or problematic employment arrangements. Conduct an honest assessment of potential red flags with your advisors, then systematically address them throughout 2026. Whether this means updating your practice management software, renegotiating your office lease, or resolving outstanding claims, tackling these issues before listing your practice prevents last-minute complications. 7. Build a strong advisory team Resolve not to go through this process alone. Assemble a team of experienced advisors, including a law practice broker or M&A specialist, an attorney with transactional experience, a CPA familiar with practice sales, and possibly a financial advisor to help you plan for life after the sale. Each brings specialized expertise that protects your interests and maximizes your outcome. Interview multiple candidates early in the year to find advisors who understand the legal market and have specific experience with practice transitions. The cost of quality advisors is typically recovered many times over through a smoother process and better terms. 8. Develop a realistic timeline and stick to it Law practice sales typically take six to twelve months from listing to closing, sometimes longer for larger or more complex firms. Resolve to create a detailed timeline with specific milestones and deadlines for each phase: preparation, valuation, marketing, negotiation, due diligence, and closing. Build in buffer time for unexpected delays. Share this timeline with your advisory team and hold yourself accountable to it. Having a structured schedule prevents the sale process from dragging on indefinitely and helps you maintain momentum even when challenges arise. 9. Plan for post-sale transition support Most law practice sales include a transition period where the seller remains involved to facilitate client transfers and knowledge sharing. Resolve to think through what this period will look like for you. How long are you willing to stay involved? What will your role be? How will you be compensated for this time? Being clear about your post-sale availability and boundaries before negotiations begin prevents misunderstandings and ensures the transition arrangement works for both parties. This planning also helps you think through what comes next in your professional journey, whether that’s retirement, consulting, or a new venture. 10. Maintain confidentiality while preparing Finally, resolve to protect the confidentiality of your sale plans while simultaneously preparing your practice for transition. Premature disclosure can unsettle staff, worry clients, and create competitive disadvantages. Develop a communication strategy with your advisors about who needs to know what information and when. Plan how and when you’ll inform staff, notify clients, and make public announcements. This careful management of information flow maintains stability in your practice throughout the sale process and protects the value you’ve worked so hard to build. Ready to take your next steps? Selling your law practice is a complex undertaking that rewards careful planning and disciplined execution. By committing to these ten resolutions in 2026, you position yourself for a successful sale that honors the

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