When preparing to sell your law firm, succession planning should be one of your top priorities. While you may be tempted to just select a lawyer who can handle your cases, you must think beyond the law. In addition to being an attorney, the right successor should have business acumen, marketing and communications skills. This way, you can be assured that your firm will remain a leading player in the community for years to come.
Cash balance plans
If you are a lawyer looking to promote your firm to clients interested in cash balance plans, you’re not alone. More than half of all cash balance plans were launched by professional groups and smaller companies. These benefits can make them a valuable tool for a law firm marketing it for cash balance plans. Here are some tips to promote your firm to clients interested in cash balance plans. In addition, these benefits are particularly useful for those who want to maximize their retirement savings without breaking the bank.
Social Security
Many business owners have trouble obtaining a steady stream of clients. A Social Security retirement plan law practice is no different. But you will need more clients to survive, and you will need to find ways to market your firm to reach the right demographic. Marketing for law firms requires tracking ROI, and free referrals are one of the best ways to generate clients. Unfortunately, many attorneys will not share their source of referrals, so you will need to look for them yourself.
Tax-advantaged retirement plans
If you are a solo attorney looking for ways to attract top talent and retain your current team, tax-advantaged retirement plans are an important decision. These plans offer the flexibility of saving for retirement while transferring ownership to the next generation. In this article, we discuss the benefits of both defined benefit plans and contribution plans. We also discuss the benefits of a multi-generational workforce and how to implement these plans in your law firm.
While the process of creating a retirement plan is not new, the legal industry is still grappling with the emotional aspects of this topic. While there are no clear precedents, rules of engagement, or enforceable standards of behavior, everyone will likely want a smooth transition for both the firm and its employees. Fortunately, there are ways to market law firms as good retirement plans and get ahead of the competition in this space.
Final Words
In today’s legal industry, the shortage of legal talent has many law firms scrambling to keep their top lawyers. In a bid to keep their best lawyers, some firms are considering hiding their best talent from competitors. While industry watchers agree that this isn’t a good idea in the long run, some law firm leaders are desperate to hold on to their best lawyers. In these circumstances, it is critical to incorporate retirement planning into existing programs.