At some point, you decided to hang a shingle. You made the choice to be an entrepreneur, a business owner, and the creator of your own destiny. Kudos. Hopefully, you have built a successful practice and find it rewarding. Many law firm owners are in this boat. But as the saying goes, all good things must come to an end. And when they do, let it be your choice. Let me clarify – I am not suggesting that you cannot be successful and happy running your own firm. What I am saying is that you may choose to take down your shingle.
There are several reasons why you may want to disband your current firm and join another.
The first is that you simply want to go back to being a lawyer. Perhaps you are tired of being the chief cook and bottle washer. You want to focus your energy on helping clients and growing your book of business – not being buried in the administrative challenges of running a business. Second, you are facing the law of diminishing returns. At the current level, you cannot increase your revenue without investing in more people. This equals more headaches. Third, you are frustrated by the loss of opportunities. You are not able to handle work that falls outside of your expertise. Also, you do not have the bench strength to handle large or complex legal matters. Lastly, you need a succession plan. You have built a large, loyal client base but do not want to leave them in a lurch as you near the end of your career.
The Good News
The good news is that many law firms would love to roll your firm into their own. I help law firm owners like yourself find a new firm that will suit your needs, such as:
- Be a lawyer again by having others deal with administrative issues.
- Make more money by cross-selling to your new colleagues and vice-versa.
- Have more time to market, network, and grow your business…or do things you enjoy.
- Have more resources to land bigger and more profitable matters.
- Plan for the future by going to a place that shares your values and will treat your clients right.
If you are a law firm owner with any of the feelings above, call me. I will help find a firm that will adapt to your needs. In fact, many firms have no desire to dramatically change the way you handle your own practice. These firms are flexible. They will give you a clear path to further success, not create artificial roadblocks. You really can have the best of both worlds – the feeling of still being a law firm owner and a platform for growth and succession.