Retiring from Practice: Understanding Your Options
No matter how many years of experience you have running your practice, one area you may not be an expert in is retirement. Retirement, especially for the owner of a legal practice, can be a tricky matter. With many options, such as closing the practice, selling the practice, or transitioning it to a trusted colleague. There is a variety of details that must be taken care of properly. Such as: client relationships, pending cases, attorney insurance, and financial matters—regardless of what option you choose. Retiring can be a tricky process for an attorney in charge of a firm for a variety of reasons.
Your Obligations to Your Clients (And Theirs to You)
In preparing for your retirement, you have an ethical and legal duty to ensure that your obligations to your clients are met. If you wish to sell or close your practice, you should notify all of your clients in advance. However, what is most imperative, is you make sure your responsibilities to those clients whose cases are still ongoing are met. This includes notifying them well before an important court date and ensuring that all material relevant to the case is transferred to their new representation while maintaining confidentiality.
As you must do good by your clients in the twilight of your career, they must do good by you. Make arrangements to ensure that all legal fees owed to you are paid accordingly. Even in a seemingly simple situation as this, complications may arise; your clients might feel less rushed to pay when notified your practice is soon to terminate.
Trust the Professionals
This is just one example of a potential quandary that no one deserves upon retirement. What complicates matters even further is that the laws regarding this and other issues vary by geographic region. That is why you need the help and guidance of someone that has many years of proven expertise in guiding attorneys through the retirement process. Paragon Underwriters, a renowned attorney insurance brokerage firm, has a proven track record of leading attorneys such as yourself through many of the verticals that need to be tended to during it.