Covid Closures and the Senior Tsunami Succession Planning for Solo and Small Firms
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BY AMY LYNN LONERGAN
efore COVID, there was already an impending “Senior Tsunami.” Rapid advancements in technology, such as the required (but hard to navigate) efiling system, along with a general deterioration in civility have caused many attorneys of a finer vintage to consider retirement earlier than they may have contemplated at one time in their salad years.
Then we got hit with COVID, including Zoom Court are playing musical chairs in and out of different firms and emailing of orders in Microsoft Word. This, comor governmental positions, all in hopes of staying afloat bined with the boom in legal software like Smokeball, in these turbulent economic times. Together, you can Clio, and Family Law software suites, along with innosee that the hot topic for 2021—and probably several vations like LawPay and programs like Outlook, Adoyears thereafter—will be figuring out how to deal with be, and QuickBooks switching to a subscription basis, either closing up or selling a legal practice. There are means that older attorneys are facing always complications when you are steep learning curves, reduced profits, closing or selling any business, but Amy Lynn and less personal social fulfilment in a law practice adds an extra layer Lonergan is their profession. Often these same of ethical concerns that all lawyers a partner at attorneys are managing children or need to think about sooner rather Finn & Finn, Ltd., where grandchildren with eLearning, and than later. she focuses large numbers are still caring for First and foremost, it is importon small elderly parents or disabled spouses ant to understand that no matter business, on top of these dramatic changes to your age or health, as we’ve seen estate planthe workplace. Therefore, the senior with COVID, anyone in a small or ning, and real proptsunami is cresting, and the wave is solo firm- i.e. 90% of Lake County erty law. about to break. attorneys - should be thinking about For more information, she can be Many small law firms have succession planning. reached at 847-599-0202, or lonerclosed up shop, solo practitioners are The LCBA had a wonderful ganamy@waukegan.com finding partners, and other attorneys presentation by John Cesario of
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The Docket
