Authored by: Ollie Lammers
Planning for retirement when you own your own law firm can be daunting even without a pandemic crisis going on. You can still take this time to start planning your exit strategy for retiring in the next few years.
According to Camille Stell’s article on AttorneyAtWork.com, here are a few steps you can take for planning for life after law during a pandemic:
- Gather your personal and law firm finances. Work with your financial planner, tax advisor, or CPA on a retirement budget and see whether you are able to fund your retirement at this time. If you are unable to retire soon, you can at least have an idea of when you can retire. This can help you have an idea of what changes you need to make in your law firm to slow down the practice to prepare for retirement.
- Your referral sources will need to know if you plan on retiring or winding down your practice. Create an updated contact list and note the contributions each referral source makes to your practice. Give them a few months’ notice on when you plan to slow down your practice or retire all together.
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