Even attorneys don’t like to think about their own mortality, and yet, we all age, and sooner or later we will all pass away. But ask yourself, if you should pass away or become disabled suddenly, and you haven’t prepared for the future, what will happen to your family, your firm, and your clients?
Here in Pennsylvania, when you are ready to retire, you can consider selling your firm; the same is the case in many states. With the largest generation hitting retirement age, Ellen and I get a lot of calls on just this very issue. We are happy to get these calls because it means the attorney is planning ahead, thinking of his retirement, and thinking about his family and clients too.
But we also sometimes learn about attorneys who have become disabled or passed away suddenly, and those attorneys’ families, colleagues and clients are left holding the bag. We help in those situations too, but we would much rather help the attorney prepare ahead of time.
A recent article from the Pittsburgh Post Gazette explores just this issue; how should attorneys prepare for the future. And when the Post Gazette needed someone to provide information on both the issues and the answers, they turned to my partner, Ellen Freedman.
For more, read the article, “Are Aging Lawyers Ready for What’s Next?” Also, consider checking out our seminar, Buying and Selling a Law Firm in Pennsylvania, available at our online store.