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John W. Olmstead, MBA, Ph.D, CMC, (www.olmsteadassoc.com) is a past chair and member of the ISBA Standing Committee on Law Office Management and…

John W. Olmstead, MBA, Ph.D, CMC, (www.olmsteadassoc.com) is a past chair and member of the ISBA Standing Committee on Law Office Management and Economics and author of The Lawyers Guide to Succession Planning published by the ABA. For more information on law office management please direct questions to the ISBA listserver, which John and other committee members review, or view archived copies of The Bottom Line Newsletters. Contact John at jolmstead@olmsteadassoc.com.

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Law Firm Sole Owner Succession and Exit – Top Challenges

August 6, 2026

Question:

I am the founder and sole owner of a business litigation firm in Orlando, Florida. I am 72 and want to retire and exit the practice within the next year. My office lease expires next year and I am not willing to sign another lease. There is one associate attorney that has been out of law school and with me for two years. He has yet to try any cases. There is also one paralegal in the firm that has been with me for 20 years.

While it would nice to receive some value and monetization for the effort…

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