The Lawyer's Guide to Succession Planning : : A Project Management Approach for Successful Law Firm Transitions and Exits.

• Author: Olmstead, John W.
• Place / Publishing House: La Vergne : : American Bar Association,, 2016.; ©2016.
• Year of Publication: 2016
• Language: English
• Physical Description: 1 online resource (221 pages)

Table of Contents

Intro -- Title Page -- Copyright -- Contents -- Preface -- Acknowledgments -- Introduction -- Chapter 1: Reasons for Early Retirement and Succession Planning -- Demographics -- Unprecedented Number of Attorneys Approaching Retirement -- Implications and Consequences of Failure to Plan for Succession and Transition -- Succession/Transition/Exit Strategies -- Chapter 2: Coming to Terms with Aging -- The Stress of Retirement -- Achievement Addiction and Preserving Self-Esteem -- Identifying Other Interests -- Planning Your Retirement -- Two Short Stories-Two Lawyers Who Wanted to Work Forever -- Chapter 3: What Other Firms Are Doing -- Two Detailed Case Studies -- Other Case Illustrations -- Chapter 4: Where and When to Start -- Come to Terms with Aging and Eventual Retirement -- Review Your Personal Financial Situation -- Explore Post-Retirement Interests and Develop Plan for Pursuing These Interests -- Establishing General Goals and Timelines -- Chapter 5: Firm Size. Challenges, Issues, and Impact upon Succession and Transition/Exit -- Solo Practitioners -- Sole Owners -- Larger Law Firm -- Chapter 6: Strategies and Approaches -- Associate Candidates -- Associates and Lateral Equity Partner Candidates -- Merger Candidates -- Of Counsel Candidates -- Practice Sale Candidates -- Chapter 7: Finding Candidates and Opportunities -- Existing Equity/Non-Equity Partners and Associates -- Associates and Lateral Partner Candidates -- Merger Candidates -- Of Counsel Candidates -- Practice Sale Candidates-Potential Buyers -- A Short Story-A Law Firm That Sold a Practice Area -- Chapter 8: Valuation -- Getting the Valuation Process Started -- Determining Value -- Valuation Approaches/Methods -- Is There Goodwill? -- The Bottom Line -- Typical Approaches in Actual Practice -- Chapter 9: Buy-In/Buyout/Compensation -- Buy-In -- Buyouts -- Compensation.

Chapter 10: Developing the Plans -- Succession/Transition/Exit Project Action Plan -- Internal Succession/Transition/Exit Plan -- Practice Continuation Arrangement/Plan -- Chapter 11: Implementation of the Strategies and Plans -- WHO -- WHAT -- WHERE -- WHY -- WHEN -- HOW -- Chapter 12: Key Documents and Agreements -- Part I-Initial Planning Phase Documents -- Part II-Implementation Documents/Agreements -- Chapter 13: Ethical Issues -- Summary of Key ABA Rules of Professional Conduct That Impact Succession/Transition/Exit Strategies -- States That Have Adopted or Modified the ABA Model Rules -- Chapter 14: Key Chapter Takeaways -- Chapter 15: Last Words-Starting Your Journey -- Appendix A: Sample Law Firm: Project Report: Succession/Transition/Exit Project Action Plan -- Appendix B: Sample Law Firm: Partner A Transition Plan -- Appendix C: Sample Law Firm: Equity Partnership Proposal Lawyer A -- Appendix D: Equity Owner-Shareholder Term Sheet: Memorandum of Agreement for the Admission as Equity Shareholder Lawyer A -- Appendix E: Merger Term Sheet: Memorandum of Agreement for the Merger of Lawyer a Doing Business as Sample Law Firm and Lawyer B -- Appendix F: Special Counsel: Agreement -- Appendix G: Exhibit A: Agreement Sale of Law Practice -- Appendix H: Partnership Agreement for Sample Law Firm -- Appendix I: Sample Law Firm, LLC: Operating Agreement -- Appendix J: Agreement to Acquire Initial Ownership Interests in Sample Law Firm and Full Ownership Interest Upon Lawyer A's Subsequent Retirement -- Appendix K: Cross-Purchase Buy-Sell Agreement with Trustee -- Appendix L: Retirement Readiness Assessment -- Bibliography and Other Resources -- Index -- About the Author.