Overview

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Welcome to Succession Planning for Small Law Firms . This course covers 3 modules: Succession Planning Foundations: Worth Selling and Internal Sale Options; Sale Channels: External Transfers and Financing; and Documenting the Transition: Tax, Valuation, and Closing Considerations. Each module includes video lessons, key-takeaway readings, a practice quiz, and a hands-on activity. By the end, you'll be able to distinguish between owning a practice and owning a job using Jensen's vacation test, and identify the operational dependencies that determine which one a learner has built. You'll also evaluate the five internal-sale options (gift, bonus, sale, subscription, redemption) and the three external-transfer types (sale of interest, merger/consolidation, asset sale) against a small practice's structure, ownership, and bar or industry restrictions. Key milestones: Module practice quizzes (formative) · Module activities (AI-graded) · Coach Dialogue (final module) · Peer Review assignment ·...

Syllabus

Succession Planning Foundations: Worth Selling and Internal Sale Options
- This module of Succession Planning for Small Law Firms — Succession Planning Foundations: Worth Selling and Internal Sale Options — covers 1 lesson: Succession Planning Foundations: Worth Selling and Internal Sale Options.By the end of this module, you'll be able to apply Jensen's vacation test to honestly classify a practice versus a job, and identify the cross-training and process gaps the test surfaces. You'll also compare the five internal-sale options (gift, bonus, sale, subscription, redemption) against a representative succession scenario and select the option that best fits the buyer's tax, financing, and lifecycle constraints.How to engage: Start with the first lesson and proceed in order. Read the per-lesson takeaways after each video. Take the practice quiz at the end of the module to check your understanding before moving on.
Sale Channels: External Transfers and Financing
- This module of Succession Planning for Small Law Firms — Sale Channels: External Transfers and Financing — covers 1 lesson: Sale Channels: External Transfers and Financing.By the end of this module, you'll be able to differentiate the three external-transfer types and explain why asset sales rarely fit law practices given bar-rule restrictions on client information, name use, and fee-splitting. You'll also design an owner-financing structure that combines an above-market promissory note, a deed-of-trust on real property, and a buyer's pledge of interest with right-of-resumption — paired with the operating-agreement provisions Jensen says you can never skip.How to engage: Start with the first lesson and proceed in order. Read the per-lesson takeaways after each video. Take the practice quiz at the end of the module to check your understanding before moving on.
Documenting the Transition: Tax, Valuation, and Closing Considerations
- This module of Succession Planning for Small Law Firms — Documenting the Transition: Tax, Valuation, and Closing Considerations — covers 1 lesson: Documenting the Transition: Tax, Valuation, and Closing Considerations.By the end of this module, you'll be able to select among book value, certified business valuation, and broker opinion based on the buyer profile, IRS posture, and SBA requirements — and justify the choice in writing. You'll also build a pre-sale closing plan covering pristine financials (no 'stories'), documented processes, written operations, and professional-liability tail coverage so the practice is ready for either an inside or outside buyer.How to engage: Start with the first lesson and proceed in order. Read the per-lesson takeaways after each video. Take the practice quiz at the end of the module to check your understanding before moving on.

Taught by

NBI - National Business Institute

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