Meeting of the Minds – Lawyer Well-Being is an online community designed to bring together lawyers who are looking for a safe place to gain greater knowledge and support for transition planning. Rather than looking for one, grand design for the perfect transition into a law practice or retirement, we will be conducting a series of Gatherings with local bar associations to allow experienced practitioners to share what they have gained. The first Gathering, Preserving Your Legacy – Transferring Your Practice was conducted with the Monroe County Bar Association on October 9, 2018.
We used 10-minute, video clips to deliver easily digested “bites” of information designed to increase learner retention, engagement and performance. You can access the videos here. We would like to thank Chuck Rosenstein and Rob Orapello from Rosenstein Orapello, PLLC, in Albany, NY. and Jeffrey Fetter, from Scolaro, Fetter, Grizanti, & McGough, P.C. in Syracuse, NY for sharing their experiences in these two areas.
C. Bruce Lawrence
Chair, Senior Lawyer Section
Senior Lawyers Section: Exploring Lawyer Well-Being
Both Sides of Transferring a Practice Over Time (Video)
In the first vignette, you will hear from a mid-career sole
practitioner who shares his plans for moving away from full-time law practice.
You will also hear from the young attorney who is buying into this practice.
• Transition planning as a process
• Blending a partnership over time
• Setting firm value from assessment to purchase price
• Practice mix and growth potential
• Build a system that can run without you
Charles Rosenstein - Rosenstein Orapello, PLLC, Albany, NY
Robert Orapello - Rosenstein Orapello, PLLC, Albany,
Capturing Value from your Aging Law Practice (Video)
In this vignette we will
hear from an experienced partner whose firm has brought in a number of sole
practitioners over the years. He will share what worked well and what did not
work. You should leave with a better understanding of what a law firm might be
looking for when exploring a purchase of another practice.
• Practice continuation with other firms or turning out the lights
• Come to terms with aging and fear of getting older
• Finding candidates and opportunities
• Get started early in building a roadmap that outlines the process
• Ethical pitfalls – Valuation and lawyer competence related to succession/transition/exit strategies
Jeffrey Fetter, - Scolaro,
Fetter, Grizanti, & McGough, Syracuse, NY.