CREATING YOUR PLAN

Very few attorneys are successful in selling their practices outright, unless it is a "fire sale" driven by illness or personal circumstances. 

The most successful transition takes place over several years, and carefully addresses all key aspects of transition. Finding a successor, changes in corporate structure, compensation systems, transition of ownership, staff, client and marketing relationships - all of these issues and more must be addressed for the attorney to achieve their overall transition goals.

A key part of the plan is development of a "prospectus," just as would be developed for the sale of any valuable commercial asset. We help you construct a document that presents the most positive picture of your practice, in order to help you attain your transition goals. 

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MAKING IT WORK

While it is critical to develop a detailed plan of action, without ongoing advice and guidance, the plan becomes simply another document on the bookshelf. After working with the attorney to develop the plan, a Master Practice Advisor coaches the attorney on a monthly or bi-monthly basis to make sure that each step of the plan is implemented according to plan, and according to timelines, and supports the attorney in responding effectively when changes occur. 


Also, where changes in firm operations are identified during the planning stage, the Advisor provides critical advice and guidance on implementation of steps to enhance firm value. 

GETTING TO THE FINISH LINE

Without a plan - or too often even with a plan, the attorney finds it difficult to move forward and execute the plan effectively. Advanced Attorneys provides an advisor - coach to help the attorney stay on track, and walk through the needed steps effectively. 

You've invested decades in building a practice and a reputation. Shouldn't you expect maximum return on your investment?

VALUING YOUR PRACTICE

We offer two important tools to help you plan for a successful transition.

First, the Practice Evaluation for Succession Planninghelps you determine how prepared you and your practice are for a transition, and what may be missing for you in terms of operations, systems and procedures, staffing, and marketing.


Second, download and complete our Law Firm Practice Valuation Matrix which can help you identify the value of every element of your practice, and develop a reasonable financial goal for its sale and transition. In completing it you will gain important insights into areas for improvement that could increase its value to you and a successor.

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