Closing your practice is only one of many options available to you. Some of the other options include, but are not limited to, transferring your practice to another partner or associate within your firm, becoming or being “of counsel,” or selling your practice. It is best to seek advice from counsel if you want to explore these options.
Sales of law practices are governed by Mass. R. of Prof. C. 1.17. Watch Jeremy Pook, Esq. from Senior Attorney Match, and Margaret Burke, from MB Law Firm Consulting, discuss succession planning and selling a law practice in a webinar from the Chicago Bar Association titled Successful Succession: How to Value Sell, and Purchase a Law Firm in a Post-Pandemic World. Both presenters’ businesses are headquartered in Massachusetts.
The American Bar Association published a book discussing the “of counsel” designation titled Of Counsel: Forms and Advice for Legal Practitioners, Fifth Edition (2019). The Massachusetts Office of the Bar Counsel also published an article on this topic.
Do you have questions about winding down and/or closing your practice? Schedule a free and confidential consultation with a law practice management advisor at LCL.
RELATED RESOURCES:
Succession Planning Resources (LCLMA)
Free & Confidential Consultations:
Lawyers, law students, and judges in Massachusetts can discuss concerns with a licensed therapist, law practice advisor, or both. Find more on scheduling here.
