Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am the owner of a six-attorney litigation firm in the San Francisco Bay area. I am 60 years old and starting to consider gradually transferring my interest to associates in the firm. I have heard other attorneys mention that I should get some goodwill out of my practice. I would appreciate your thoughts.
A. Many law firm owners prefer to leave a legacy and keep the firm "within the family." They transition the firm to non-equity partners or associates in the firm at a discounted value, and buy-in as an incentive to stay on with the firm.