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.