After decades of service to clients, colleagues, and the justice system, you’ve likely built more than just a career—you’ve built an identity. Retirement is not only about financial security, but also about protecting your clients, your staff, and the reputation you’ve spent years cultivating.
Many attorneys joke that their “exit strategy is to die at their desk,” but deep down, most want more control, dignity, and peace of mind when it comes to stepping away.
If you’re in your 60s or 70s and thinking about retirement, the question isn’t if you’ll exit your practice—it’s how. This article outlines the five most common exit strategies for attorneys, with the pros, cons, and timelines for each. By the end, you’ll see which path may fit your goals—and whether you’re ready to take our Exit Readiness Assessment to evaluate your preparedness.
The 5 Exit Strategies for Retiring Attorneys
1. Sell Your Practice to Another Attorney or Firm
Pros:
Provides financial return on the goodwill and systems you’ve built
Allows continuity for clients and staff
Can include phased transition (you stay on for introductions)
Cons:
Finding the right buyer takes time
Value may be lower if practice is highly personality-driven (e.g., criminal defense, family law)
Negotiations and client notifications can be complex
Timeline:
1–3 years. Most sales require at least 12 months of preparation: cleaning up financials, marketing the practice, and negotiating terms.
Example:
Estate planning attorneys often succeed here—long-term client relationships and recurring revenue make these practices attractive to buyers.
2. Merge with a Larger Firm
Pros:
Smooth client transition into a larger team
Retiring attorney may receive a buyout or ongoing payout
Opportunity to stay involved as “of counsel”
Cons:
Loss of independence
Risk that the larger firm doesn’t maintain your service standards
Culture clash can cause client attrition
Timeline:
1–2 years. Mergers move faster than sales but still require due diligence and partner negotiations.
Example:
Corporate law and business litigation practices often find mergers the most viable option.
3. Groom an Internal Successor
Pros:
Clients already know and trust the successor
Preserves your firm’s culture and reputation
Can be structured as a gradual buyout or profit-sharing deal
Cons:
Risky if the associate leaves or underperforms
Requires early planning—often 5+ years in advance
Successor may struggle financially to fund the buyout
Timeline:
3–7 years. This strategy works best when you’ve mentored a trusted associate well before retirement.
Example:
Don’t rely on handshake agreements. Formalize succession plans in writing to protect both parties.
4. Wind Down and Close Your Practice
Pros:
Simplest option if there’s no successor or buyer
You maintain control over timing
No negotiations required
Cons:
No financial return beyond collecting outstanding receivables
Must manage client notifications, file storage, and ethical obligations
Staff may lose employment
Timeline:
6–12 months. Bar associations often recommend starting closure planning at least a year in advance.
Example:
Use a clear checklist for client communication, trust account resolution, and file retention.
5. Transition into “Of Counsel” or Part-Time Role
Pros:
Provides income while easing into retirement
Maintains professional identity and intellectual stimulation
Gives clients time to adjust to your reduced role
Cons:
Doesn’t fully free you from practice obligations
Income may be unpredictable
Risk of delaying a complete transition
Timeline:
Flexible—can last from 1–5 years, depending on the agreement.
Example:
Best for attorneys who aren’t ready to fully step away but want to reduce workload.
Which Strategy Fits You Best?
Choosing an exit path is deeply personal. Some attorneys prioritize financial return, while others want peace of mind that clients are cared for. Still others want to protect their legacy by mentoring the next generation.
But the common denominator is this: you need a plan. Without one, you risk client disruption, ethical pitfalls, and financial uncertainty.
Before you commit to a strategy, find out if your practice—and your personal plans—are ready.
👉 Take our Exit Readiness Assessment today to get a personalized score and practical next steps.