What's Your Law Firm Continuity Plan?
The Secrets of Buying, Selling and Other Succession Strategies Available to Lawyers
to Continue to Practice Without Fear
July 30, 2019
Campbell Law School Auditorium
Sponsored by Lawyers Mutual Consulting & Services
Most solo and small firm practitioners avoid thinking about retirement or the time when they are going to exit their practice. They seldom consider selling their law practice, but it is a viable option for many practicing attorneys. This educational program will assist you in planning for a transition. Join us as we discuss the opportunities and challenges in selling your practice, the keys to a successful transition, how to value a law practice and find a potential buyer, whether you should consider a broker, the overall developing marketplace and process to sell a practice and what to consider in maintaining client relationships and other items during the transition and after.
Tom Lenfestey – Tom is a practicing attorney with NC Planning in Raleigh and the owner of The Law Practice Exchange. Through the Law Practice Exchange, Tom helps attorneys and firms grow through acquisition and merger, as well as provide exit options for lawyers who are looking to transition out of practice. LPE and Lawyers Mutual have partnered on multiple succession planning / selling a law practice programs in the past few years.
Camille Stell – Camille is the former Vice President of Client Services for Lawyers Mutual and the current President of Lawyers Mutual Consulting and Services. Camille is a graduate of Meredith College and the Meredith College Paralegal Program. She is a frequent author and speaker on the topics of ethics and professionalism, risk management, Future of Law, succes
sion planning and retirement planning for lawyers.
8:30–9:00 – Registration and Continental Breakfast
9:00–10:00 – Session I
Succession Planning: A Process, Not an Event
A presentation of the overall structure, financials, objectives and challenges that you, your firm and successor may bring to the succession planning process. Includes a discussion of your goals and timeline for retirement, as well as communication with your successor and other employees.
60 min. of General CLE Credit
10:00–10:15 – BREAK
10:15–11:15 – Session II
Structure, Implementation and Ethics of the Transition Plan -
Are you personally, financially and emotionally ready? How about your firm? Your successor? Let's take a deep dive into the financial, legal, practical and ethical steps for transition. We will discuss the ethical obligations of selling your law practice, with a look at the NC Ethics Rules and Ethics Opinions that apply:
- Rule 1.17 Sale of a Law Practice
- Rule 1.7 Conflicts
- Rule 1.6 Confidentiality
- Rule 1.9 Duties to former clients
60 min. of Ethics CLE Credit
11:15–11:30 – BREAK
11:30–12:30 – Session III
How to Let Go & Prepare for Life After Law
Studies show that retirement is considered one of life's major stress events. This is especially true for lawyers who have spent a lifetime identifying themselves as a professional. Once you have worked through the legal, financial and transition elements of your retirement, you will also need to adopt a mindset for retirement. During this session we will discuss common fears of retirement. We will explore the possibilities for your next phase of life which may include part-time work, pro bono legal work, charity and community involvement. Through exercises and group discussion, you will develop a plan for your future.
60 min. of Mental Health Credit
SAVE THE DATE
3rd Annual Managing Partner Summit
March 17, 2020
NC State Bar, Raleigh