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SOURCE Lindenwood Associates, LLC
Lindenwood Associates, LLC has today announced an expansion of the firm's corporate development and renewal services to include a specialization in succession planning for attorneys.
UPPER NYACK, N.Y., June 12, 2014 /PRNewswire/ -- Lindenwood Associates, LLC has today announced an important expansion to the firm's corporate development and corporate renewal services. The new specialization is designed explicitly for solo and small practice law firms considering the sale or purchase of a practice. Superficially, there is an oversupply of attorneys, but the truth is that an impending shortage of talent looms. Matching young attorneys with those reaching retirement provides a logical buyer, a motivated seller and a mentor-mentee relationship. Prospective buyers are not limited to new lawyers, but include a vast number of attorneys from larger firms, including senior associates and junior partners with limited upward mobility.
When asked about buying or selling a legal practice, Nat Wasserstein of Lindenwood Associates, LLC, replied, "Most lawyers have no idea that almost all states now allow for the buying and selling of law practices, or that there are advisors like us that specialize in this area."
That specialization is essential, as well. "Over the next 10 years, 400,000 out of 1.2 million attorneys will reach retirement age," Nat Wasserstein went on to explain. "Clients will eventually transition away, along with the income stream they provided. In a $200 billion market for legal services, that's a huge transfer of wealth. Given that traditional retirement is a thing of the past, sale of a law firm with a client transition period of 2-7 years is critical to maintaining some of that income."
With more than 16 years of experience helping businesses with corporate development, strategic planning and crisis management, Lindenwood Associates, LLC is well positioned to provide this vital strategic service to law firms. Most advisors to law firms are either practicing attorneys or management consultants, but rarely both. Lindenwood brings an understanding of both the business of law as well as the practice of law, including the nuances of Rules of Professional Responsibility.
To learn more about this new strategic service, visit the company at http://www.LindenwoodAssociates.com.
About Lindenwood Associates, LLC: Lindenwood Associates provides corporate development, strategic planning and renewal services for businesses navigating through times of change, redirection or financial distress. Lindenwood also provides advisory services for law firm acquisitions and divestitures.
Contact: Nat Wasserstein, Managing Director
Name: Lindenwood Associates, LLC
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