Retirement Planning Strategies for Law Firm Owners

Retirement planning for law firm owners is multifaceted, involving personal financial decisions in addition to thoughtful business planning and careful ethical and regulatory considerations.

In this session, participants will learn practical strategies for calculating how much they need to retire, evaluating their progress, investment planning, and creating a robust succession plan to ensure a seamless exit. We will also review ethical considerations surrounding the sale of law firms and guide attendees through the current trends and changes happening with rules around law firm ownership.

Agenda:
  • Introduction and Overview
    • My background and introduction
    • Retirement Introduction and discussion of top retirement fears

  • The 3 Essential Steps to Retirement Planning for Attorneys
    • Step 1: Creating a Financial Plan
      • Defining your short term and long term goal
      • Calculate your retirement budget, capital needs, and accounting for inflation
      • Thinking about the possible future sale of your law practice

    • Step 2: Planning for Succession
      • Planning for the future of your law firm/practice
      • Determining the potential sellable value of your law practice
      • Designing your succession plan
      • Rules, regulations, and ethical considerations

    • Step 3: Preparing for Transition
      • Preparing your practice and best practices for law firm owners
      • Preparing personally and emotionally for retirement
      • Preparing financially for retirement and aligning your investment strategy
      • How to evalute a financial advisor

  • Concluding Remarks and Q&A Session
Topics covered include: Law Practice Management
Duration of this webinar: 60 minutes
Originally broadcast: May 17, 2024 10:00 AM PT
Continuing Legal Education (CLE) Credits

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California CLE

Status: Approved

Credits: 1.0 General

Earn Credit Until: May 16, 2026

South Carolina CLE

Status: Approved

Credits: 1.0 General

Difficulty: All Levels

Earn Credit Until: December 31, 2024

North Carolina CLE

Status: Approved

Credits: 1.0 General

Earn Credit Until: February 28, 2025


This presentation is approved for one hour of General CLE credit in California, South Carolina (all levels), and North Carolina.

Please note that CLE credit, including partial credit, cannot be earned outside of the relevant accreditation period.

At this time, Justia only offers CLE courses officially accredited in certain states. Lawyers may generate a generic attendance certificate to self-submit credit in their own jurisdiction, but Justia does not guarantee that lawyers will receive their desired CLE credit through the self-submission or reciprocity process.

Looking for CLE credit? Visit CLE Dashboard CLE Accreditation
Speaker
Darren Wurz
Darren Wurz Financial Planner
Wurz Financial Services

Darren is a fee-only financial advisor specializing in guiding ambitious law firm owners to financial freedom through holistic financial planning. Darren is a graduate of Golden Gate University with a Master of Science in Financial Planning, and a CERTIFIED FINANCIAL PLANNERTM (CFP®). He is also the author of The Lawyer Millionaire—published by the American Bar Association—and host of The Lawyer Millionaire podcast.

Listen to the Podcast: The Lawyer Millionaire: Financial Planning for Law Firm Owners
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