How will you transition your practice to others?

While many lawyers may not care to admit it, they are not invincible. There will come a day when their firm – or at least their clients – will need to be transitioned to another lawyer or even another law firm. Many of us would rather not think about that prospect, and certainly don't want to share our client base with another lawyer while we're still practicing.

But having a plan in place with a transition in mind will help both you and your clients. The question is where to start. There are several methods of transitioning your clients and firm. You may have a formal plan for succession, says Edward Poll in his article on the Law Practice Management Section's Web site, "Into the Sunset – How Will You Transition Your Practice?" Says Poll, "A law firm can create a huge competitive advantage for itself by proactively encouraging succession of clients from older to younger lawyers. One way is to offer a buyout or capital payout in exchange for sharing clients with younger lawyers."

Another possibility for transitioning is through institutionalizing marketing. Poll emphasizes that clients belong to the firm, and not to a partner. Further, he notes that firms service many of their top clients with teams of lawyers. Established lawyers can share clients, and marketing skills, with younger associates. In addition, Poll suggests that firms hire young lawyers who have marketing skills and training.

If you do opt to sell a practice, Poll suggests retaining a professional business consultant who is involved in selling law practices, and advises, "Once you do have a buyer, realize that you can't have a change of heart and decide to resume practice."

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