The Trusted Adviser
August 2021 | Volume 14 · Number 5

Prepare for the Future of Your Law Practice with ATG

Essential Succession Planning for Attorneys Young and Old

Peter J. Birnbaum photoHaving just celebrated my 40th anniversary I find myself increasingly thinking about the important issues of succession planning and legacy. These concepts have equal application to the ATG leadership team and to our beloved ATG members.

When I look at our ATG leadership team, I feel a great sense of pride that we recruited or promoted highly qualified leaders who can lead the company in the years to come. I have no plans to retire in the near term. But when I do, part of my legacy will have been handing over the reins to a team we can all be proud of.

These same principles apply to the ATG membership. Many of you have been loyal and active supporters of ATG for most of your careers. You've built successful law practices with firm foundations your communities. Some of you have clear, well thought out succession plans. (The ones I personally love to see are those who bring their daughters or sons into the practice.) But many of you do not have a succession plan.

You are not alone; the law business is one of the few where a majority close their doors upon retirement. To me there is a better way. I believe lawyers should enjoy rewards for the business they built. I foresee the possibility that through a merger or a sale the senior lawyer can transition to part-time practice and be paid an agreed upon sum for that period of transition and then in retirement a payment of monies over a period of years based upon the historic profitability of your practice. The continued exceptional service to your clients and the community is a real possibility. Why not honor your success by finding a next-generation lawyer to carry the torch in support of your legacy?

ATG can help: Through our vast network, we hope to bring together younger lawyers who are building their practices and established attorneys who want to preserve their legacies. The younger lawyer gains a mentor and a leg-up on building a business. The older lawyer earns a well-deserved financial reward and peace of mind while transitioning into retirement.

For this reason, ATG is hosting a three-part series of succession planning programs, Creating Your Legacy Practice. In the first two sessions, our speakers cover the Rules of Professional Conduct regarding law practice sale and succession, alternatives for law practice transition, and how to determine the value of your law practice. The third session includes a panel discussion and workshop moderated by ATG's Jerry Gorman and featuring lawyers who have successfully completed the transfer or assimilation of their law practices.

Everything begins Wednesday, September 22, with Succession Planning for Younger and Older Attorneys (see Upcoming Programs). Join us and take an important step for your future. We look forward to hosting you.

Peter J. Birnbaum
ATG President and CEO

Not an ATG Agent? Being part of our network has many benefits—title agency is just the beginning. ATG always puts your interests first. Contact one of our representatives to learn more.

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Creating Your Legacy Practice

Important Considerations for All Lawyers, Young and Old

Do you have a plan for the day when you no longer practice law? Whether it's a change in career path, unforeseen circumstances, or a comfortable retirement, consider how to protect your valued clients and secure your legacy.

To help you get started, ATG Legal Education has partnered with Huck Bouma™ to embark on an interactive educational three-session CLE workshop series to teach you how to prepare for this transition.

  • Session 1: Long-Term Succession Planning for Younger and Older Attorneys (9/22, More Details/Register)
  • Session 2: Law Practice Valuation (date/link to come)
  • Session 3: Law Practice Transfer or Assimilation Panel Workshop (date/link to come)

Who Should Attend: All ATG agents; real estate attorneys in Illinois and Wisconsin.

Plan for the future so you can leave your firm and your clients in competent hands. Register for Session 1 now and watch future emails to register for Sessions 2 and 3.

[Last update: 8-31-21]

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