Sole practitioner retirement: The importance of being prepared

sole practitioner retirement

Retirement plans are something we all need to think about as we get older. Retirement is a time that most of us look forward to as it provides us with the opportunity to get some much-needed rest and to do the things we couldn’t do during our working years, such as travelling or spending more time with our loved ones. Before we get to the stage of enjoying our retirement, many of us within the legal industry will need to be prepared for the process of retirement.

Sole practitioner retirement can be a complex process, and preparation is key to ensuring the transition into retirement is as smooth as possible.

A well-planned exit strategy will set you up to enjoy your retirement, providing peace of mind that your firm and clients will be in the right hands.

You may wish to establish a successor practice to take over your caseload and staff following your retirement; or you may plan to appoint a member of staff to succeed you. Increasingly, outsourcing the runoff for ongoing matters and closing the firm compliantly is becoming another alternative.

Whether you decide to voluntarily close your firm or have a successor practice in place to take over your firm, Recovery First can assist in the process.

When to start planning for sole practitioner retirement

The sale or compliant closure of a firm can be a lengthy process, which is why it is vital that your start to make plans for your retirement as early as possible.

There are a number of steps that must be taken when deciding to retire as a solicitor, and these will depend on the route you choose to take for your firm. Some of the things you will need to consider before you retire may include, informing the SRA of your plans to close or sell your firm, informing your clients of your retirement plans, and obtaining appropriate run-off cover.

To find out more on how to prepare for your retirement, read our “10 steps towards retirement from your law firm.”

How can Recovery First assist in your retirement planning?

The Recovery First model can be used to assist in sole practitioner retirement. Whether you decide to close, merge, or restructure your firm, we can help.

We also provide a complementary service for professional advisors that assist in the closure or restructuring of law firms, such as advisory only accountants and restructuring specialists.

Our process involves discreetly selling a firm’s cases to multiple purchasers on our panel of solicitors. This mitigates the risks to the buying firms and results in a higher value for the work in progress (WIP) being recovered, whilst ensuring SRA compliance.

If you decide to close your firm due to retirement, we can assist in the orderly run off of files, ensuring full SRA compliance.

Our team manage the transfer of files from start to finish, placing case files with an approved law firm to protect the integrity of the client’s case.

We are an accountancy service provider that has built specialised software and processes to liquidate the full value a law firm has locked into WIP over time. We monitor case progression and conclusion in real time and account back to our clients for the value realised on an agreed reporting period.

Contact Recovery First for assistance

Recovery First can assist with sole practitioner retirement to ensure the most positive and profitable outcome is achieved. If you are starting to consider your options, speak to us as soon as possible so that a smooth transition can be achieved.

Please feel free to get in touch on a confidential basis direct at david.johnstone@recoveryfirst.co.uk07887796989, or at sally.dunscombe@recoveryfirst.co.uk/ 07774205870

It's never too late to speak to Recovery First. Contact us now in the strictest confidence

Sally Dunscombe:

sally.dunscombe@recoveryfirst.co.uk

David Johnstone:

david.johnstone@recoveryfirst.co.uk

Telephone:

01357 440140

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