As our Attorney Transitions Practice grows, we continue to learn more about what our clients need and how to serve them properly.
When we discuss attorney “transitions” we generally mean one of the following: (a) Attorneys looking to grow by merging with or into another law firm or by purchasing another existing law practice, or (b) Attorneys looking to exit or retire by selling their practice to their junior partners, or by winding down in an of-counsel role with another law firm.
This blog addresses four ways we assist attorneys and law firms that are preparing for a transition.
- Consulting/COO Services. Transitioning is do-able, but the journey can be challenging. Your law firm may be successful, but you know it can be better. There are inefficiencies operationally and financially, personality conflicts at the office, and your staff should be better. We assist our clients by putting systems and processes in place for more efficient workflow, implementing key performance indicators to measure current operations, and creating a culture of accountability with their staff.
- Transition Mediation. One of the major obstacles to true change or evolution in any business is the tension between founding partners v. new partners. There is typically great respect between and among the attorneys, but each side has a different perspective and views the future of the law firm via a different lens. Our experience allows us to sit with the attorneys, discuss each party’s objectives, and help broker policies and processes - including business succession and exit terms - that allow the law firm to continue to operate harmoniously and successfully during a period of transition.
- Attorney Compensation. The area into which we are called into action most often is the topic of attorney compensation. It is very difficult for senior partners to discuss compensation with junior partners, even if all of the parties involved view the junior partners as the future of the firm, and disagreements over compensation may be the biggest reason attorney transitions fail. The good news is, because lawyers can share fees, we can usually design compensation plans based on revenues or profits that work for all involved constituents. And even better news: we typically design compensation plans for our clients that allow the senior partners to spend less time IN the business and more time ON the business, because the junior partners will be more focused and incentivized to achieve favorable results, upon which their compensation is based.
- Transitioning is a journey. Some of our clients call us after years of trying to transition internally without any third party involvement. Some of our clients call us after bad experiences with other business advisors. Some of our clients call us and tell us they are ready to transition, but after several months (or sometimes, years) the law firm is just not ready (or the senior partner is not ready) emotionally, financially, or logistically to proceed. To minimize the likelihood of transitions dragging on too long, and to assist law firms in getting their practices ready to transition, we offer a retention program for a consistent monthly fee to help our clients prepare for an efficient transition of their law practices.
If you are an attorney that is interested in transitioning by either growing your firm, or by exiting your practice, then please reach out to Fournier Legal Services so we can discuss your options, and ways we may be able to help you achieve your transitioning goals.