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LawBiz® TIPS – Week of July 17, 2018

Retirement: An Overview of Your Business Obligations

When you retire, you will have certain business obligations to consider as you close down your practice. The following is an overview.

Develop an action plan and a timetable for how to manage the closing of your practice. Inventory all assets and liabilities, including work-in-progress and possible contingent liabilities.

Send bills for all work performed to date. For outstanding accounts receivable, consider realistic collection efforts. Announcing retirement before completing collection of outstanding accounts receivable reduces the likelihood of 100% collection.

Take control of all operating and client trust accounts, business assets, equipment, client directories, and premises used in the practice.

Deal with bank and creditor obligations.

Arrange to have your office space and storage space leases terminated on the necessary date. Review all insurance policies and make claims as needed.

Determine the appropriateness of maintaining a business entity for liability tax-filing purposes. Determine tax-filing requirements for both federal and state tax returns. Complete necessary requirements if your practice is a corporation and dissolution is selected. Complete state requirements regarding public notice of intent to wind down or dissolve a business.

Notify utilities, phone companies, and Internet service providers of the closing of your practice, and specify dates when services should be disconnected (or transferred). Notify vendors and suppliers, such as West, LexisNexis, and others, of your intent to terminate the ongoing relationship.

File mail-forwarding instructions with the post office.

Sell, donate, or plan to move personal property such as furniture, office equipment, library materials, etc. For all property to be moved, solicit bids and negotiate pricing and specifics with the moving company. Complete your move from the office and clean up the space. Inspect the old space with the landlord and obtain a formal, written release from the space.



Retirement: An Overview of Your Business Obligations

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LawBiz® Registry: Buy or Sell Your Practice

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"I requested that (my partners) allow me to take on the management of the firm and suggested the creation of a business plan.... (Our practice) is a successful practice, but in dire need of a direction -- and a business plan. They agreed to give me a shot and entertain a rough outline of my ideas. I was shocked when they agreed, but then horrified at the task before me. However, sitting on my shelf is "The Business of Law" that I purchased from you a few years ago. I began to read it and a whole new world has opened up for me. I just wanted to express my gratitude to you for writing the book... I am excited about the opportunity I have and just wanted to let you know that I appreciate all you do for the field."

Pleasanton, CA

"I was an associate at a large national law firm and I felt "stuck," but I didn't know how to market myself to clients or to other firms. Ed's focus on the business side of the law firm provided a solid grounding for me to evaluate my current situation and a platform from which I could start growing my own practice. In many ways, working with Ed is like working with a therapist. Part of my coaching process with Ed has been getting to understand more thoroughly my strengths and weaknesses as both a marketer and as a lawyer. After working with Ed for six months, I was ready to market myself to other firms: I developed a clearly articulated set of objectives and Ed has gave me the tools that I needed to increase my exposure. Today, I am working for a law firm that provides better opportunities for my professional growth."

San Francisco, CA


Ed Poll, LawBiz® Management   |   |   |   |


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