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Succession Planning for Law Firms: Managing Will Writing Client Portfolios

· 22 min

Executive Summary

Private client portfolios present succession challenges materially distinct from transactional legal practices. Will writing practices transfer fiduciary relationships extending decades into the future, with partners potentially named as executors, trustees, or attorneys in hundreds of client documents. The SRA Code of Conduct for Firms creates an explicit regulatory obligation to effect orderly wind-down, yet the majority of small and mid-sized firms lack formal succession plans.1 Practices lacking documented succession frameworks may attract valuation multiples as low as zero, whilst those with structured plans achieve multiples of two to four.2 This article provides a framework for managing the distinctive succession requirements of will writing portfolios, addressing fiduciary role transitions, regulatory compliance, client file continuity, and the implications of the Law Commission's May 2025 electronic wills recommendations.

1. The Distinctive Challenge of Private Client Succession

1.1 Why Private Client Practices Differ

The fundamental distinction between private client succession and other practice area transitions lies in the nature of what transfers. When a corporate or commercial practice changes hands, the acquiring firm inherits a portfolio of concluded matters and ongoing instructions with defined scope. Private client portfolios, by contrast, comprise relationships with service triggers that may not materialise for decades. A will written for a client aged forty represents a dormant engagement that activates unpredictably upon that client's death, potentially thirty or forty years hence.3

This temporal dimension creates cascading complexities. Original wills require indefinite secure storage; the SRA's intervention archives retain such documents for eighty years.4 The private client practitioner who drafted those wills may have been appointed executor, trustee of a testamentary trust, or attorney under a lasting power of attorney. These fiduciary roles attach to the individual solicitor, not the firm, and cannot transfer through a simple practice sale. The retiring partner remains personally bound until discharged through appropriate legal mechanisms.

The multi-generational nature of private client relationships adds further complexity. A practitioner approaching retirement may have drafted wills for clients' parents decades ago, handled the resulting administrations, and now acts for the clients' children. This relationship depth creates both client loyalty and transition difficulty: the client connection exists with the individual practitioner, not the institutional firm.

1.2 Revenue Concentration Risk

The succession challenge intensifies when examined through the lens of revenue concentration. Research from the Legal Marketing Association found that 63% of partners aged sixty and older are responsible for nearly three-quarters of their firm's revenue.5 This concentration represents not merely succession risk but existential risk: a thirty-attorney Mid-Atlantic firm transitioned from flourishing to closure within twelve months following the sudden death of its managing partner.6

For private client practices, the risk compounds. Unlike transactional work where the firm's brand and institutional capability can sustain client relationships through personnel changes, private client relationships are intensely personal. Clients selected their solicitor based on individual trust developed over years, often spanning multiple generations of the same family. Research indicates that most reasonably sophisticated clients know more than one lawyer, and a partner's retirement provides an opportunity to switch to another acquaintance.7

The concentration risk manifests differently across firm sizes. Sole practitioners face complete business cessation upon retirement or incapacity. Small partnerships may depend heavily on one or two senior partners for the majority of private client revenue. Even larger firms with dedicated private client departments often find that key client relationships reside with specific individuals rather than the department collectively.

1.3 The Three Dimensions of Succession

A common error in succession planning involves conflating three distinct challenges.8 Leadership succession concerns who leads the firm; management succession addresses who handles operational, regulatory, and business administration; ownership succession determines who holds equity. For private client practices, a fourth dimension emerges: fiduciary succession, addressing who assumes the individual practitioner's executor, trustee, and attorney appointments.

These dimensions require different timelines and approaches. Leadership succession may complete within months. Management transition typically requires one to two years for knowledge transfer. Ownership succession, particularly in partnership structures, involves complex financial negotiations over several years. Fiduciary succession demands the longest horizon: systematic portfolio review, client communication, and formal appointment transfers that optimally begin five or more years before anticipated retirement.

The failure to distinguish these dimensions frequently leads to inadequate planning. A firm may successfully arrange for partnership buy-out whilst leaving fiduciary appointments entirely unaddressed. The retiring partner then discovers, often too late, that executor and trustee appointments continue to bind them personally regardless of their departure from the firm.

2. Regulatory Framework for Succession Planning

2.1 SRA Code of Conduct Obligations

The SRA Code of Conduct for Firms establishes succession planning as a regulatory obligation rather than merely commercial prudence. Paragraph 2.1 requires firms to "have effective governance structures, arrangements, systems and controls in place" to ensure regulatory compliance and manage material risks.9 Absence of succession planning constitutes a material risk to business viability, particularly for practices with concentrated revenue or significant fiduciary role exposure.

More specifically, paragraph 2.4 mandates that firms "actively monitor your financial stability and business viability. Once you are aware that you will cease to operate, you effect the orderly wind-down of your activities."10 This provision creates a proactive duty: the obligation activates not at the point of cessation but upon awareness that cessation will occur. For a partner planning retirement in five years, the regulatory obligation commences immediately upon that decision.

The SRA's approach reflects the broader principle that client protection extends beyond the individual matter. A firm's failure to plan for continuity exposes clients to disruption, document retrieval difficulties, and potential loss of access to their legal records. The regulatory framework treats succession planning as integral to competent practice management.

The SRA's Warning Notice on mergers, acquisitions, and sales identifies specific problematic behaviours that disciplinary action may follow. Central among these is "treating client files as a commodity that can be bought or sold irrespective of what the clients want to do or who they want to represent them going forward."11 The corollary requirement is "obtaining properly informed consent from clients and giving them a reasonable amount of time to decide about where they want their file, documents, or money to go prior to transfer to an acquiring firm."12

For private client portfolios, this consent requirement has particular implications. A client whose will sits in the firm's safe custody may have limited ongoing relationship with the practice. Securing informed consent requires meaningful communication about what transfer entails, including any change to executor or trustee appointments, storage arrangements for original documents, and the identity and competence of successor practitioners.

The Warning Notice also identifies inadequate due diligence as problematic. Acquiring firms must understand what they are purchasing, including any embedded fiduciary appointments, long-tail liability exposure, and client expectations regarding ongoing service. A cursory acquisition process that treats a private client book as equivalent to a commercial contract portfolio misunderstands the fundamental nature of the transferred business.

2.3 Professional Indemnity and Run-Off Coverage

The insurance framework for practice cessation creates additional succession planning imperatives. Where no successor practice exists, the firm's professional indemnity policy extends for six years from policy expiry as run-off cover.13 This period corresponds to the standard limitation period for professional negligence claims, though liability may extend to fifteen years in certain circumstances.

Alternatively, firms may elect before cessation to be included on a successor practice's insurance as a "prior practice" under clause 5.5 of the SRA Indemnity Insurance Rules.14 This election transfers liability to the acquiring firm, which then covers claims arising from the predecessor's work even after the standard six-year period. The successor practice election represents a significant negotiating point in any practice acquisition: the acquirer assumes potentially unlimited temporal exposure to the predecessor's professional liability.

The financial implications of run-off coverage should inform succession timing. Firms forced into disorderly wind-down face immediate run-off premium obligations without the benefit of ongoing fee income. The cost of archiving closed files compounds this burden, with the SRA noting that "archiving closed files can be one of the highest costs of closure."15

2.4 The Timeline Imperative

The Law Society's succession planning guidance for small firms emphasises early commencement: "The important thing with succession planning is not to leave it too late. With the decisions you will need to make in the journey to retirement, leave at least three to four years to achieve your succession plan."16 For private client practices with substantial fiduciary role exposure, this minimum extends to five or more years to accommodate the systematic portfolio review and client communication required.

The urgency reflects both regulatory obligation and commercial reality. Practices forced into disorderly wind-down due to inadequate planning commonly fail to realise any value from their client portfolios. Those that plan effectively position themselves for one of the structured exit routes: internal sale to colleagues, merger with a complementary practice, external sale to realise market value, or in limited circumstances, employee ownership transition.

3. Fiduciary Role Succession: The Distinctive Private Client Challenge

3.1 Understanding the Problem

When a solicitor is named as executor, trustee, or attorney in a client's documents, that appointment binds the individual, not the firm. The retiring partner who holds executor appointments in 150 wills cannot transfer those appointments through a practice sale. Each appointment remains in force until the client's death triggers the executor's duty, the instrument is varied, or appropriate legal mechanisms effect a change.

The Law Society's practice note on fiduciary roles and retirement recommends proactive planning: "Plan ahead for succession to reduce problems when retirement arises."17 The guidance identifies three scenarios requiring different approaches: voluntary retirement, where the solicitor initiates transition on their own timeline; incapacity, requiring court intervention or instrument provisions; and disputed removal, involving complex fiduciary litigation.

The consequences of inadequate fiduciary succession planning extend beyond inconvenience. A retired solicitor who remains named as executor may be called upon to act years after leaving practice, potentially lacking access to firm systems, client history, and professional support. Alternatively, the appointment may need to be declined or renounced, causing delay and expense in the administration.

3.2 Structural Solutions

The preferred approach avoids individual dependency from the outset. The Law Society guidance recommends "considering trust corporation or office appointments to avoid individual dependency."18 Where a firm's trust corporation holds the fiduciary role, succession occurs automatically through the corporation's continuing existence regardless of individual partner changes.

For existing appointments naming individual solicitors, the guidance recommends ensuring substitute appointments are in place and reviewing appointment mechanisms in trust instruments.19 This review should identify wills where the retiring partner is named as sole executor without substitutes, trusts where the partner is the sole trustee, and lasting powers of attorney where the partner is named as attorney or replacement attorney.

The transition from individual to institutional appointments requires careful client communication. Some clients specifically chose their solicitor personally, and may resist institutional alternatives. The communication should explain the practical benefits of institutional appointments: continuity regardless of individual availability, professional administration resources, and reduced risk of appointment failure due to death or incapacity.

3.3 Fiduciary Portfolio Audit Methodology

Effective fiduciary succession requires systematic portfolio analysis. The audit should identify: every client document in which the retiring partner holds a fiduciary appointment; the type of appointment (executor, trustee, attorney, guardian); whether substitute appointees are named; the age and life expectancy of the principal; the likely value and complexity of the estate or trust; and the relationship history with the client.

The audit enables prioritisation. High-priority matters include appointments where the retiring partner is sole fiduciary without substitutes, high-value estates where professional management will be required, and clients with whom the practice has limited recent contact. These require early client communication and documented consideration of successor arrangements.

Audit implementation benefits from systematic record-keeping throughout the engagement lifecycle. Practices that record fiduciary appointments in a central register, updated upon each new instruction, can conduct portfolio audits efficiently. Those relying on file-by-file review face substantial administrative burden when succession planning commences.

3.4 Client Communication Strategy

Communicating about fiduciary succession requires sensitivity. Clients selected their solicitor for these roles based on personal trust. The communication must convey respect for that relationship whilst explaining the practical necessity of succession planning. Key messages include: the partner's planned retirement timeline; the firm's continuing commitment to the client's interests; options for successor appointments (replacement solicitor within the firm, external practitioner, trust corporation); and the process for implementing any changes.

For executor and trustee appointments, formal variation may require the client to execute a new will or a deed of variation of the trust instrument. For lasting powers of attorney, the client retains capacity to execute a replacement instrument naming a different attorney. Where the client lacks capacity, court application may be necessary, introducing complexity and cost that underscores the value of early planning.

4. Client Portfolio Transfer and Practice Valuation

4.1 The Relationship Transition Timeline

Research on client relationship transition suggests that in ideal circumstances, both senior lawyer and successor participate in client matters for two to three years, giving clients opportunity to develop relationship with and confidence in the new lawyer.20 Janet Goelz Hoffman at Katten Muchin Rosenman exemplifies best practice: she successfully transitioned her practice over a seven-year period, gradually transferring work and origination credit portions to other partners.21

For private client portfolios, the challenge intensifies. Client contact may be infrequent, with years between substantive instructions. The transition period must include deliberate touchpoints: annual review letters, proactive communications about relevant legal developments, and introduction of successor practitioners even where no immediate work exists.

4.2 Corporate and Institutional Client Expectations

Whilst private client relationships are predominantly individual, some practices serve corporate clients for group life policies, employee benefit trusts, or executive estate planning. Company legal departments increasingly expect involvement in client succession planning. Damon Hart, General Counsel at Liberty Mutual Insurance Company, advocates for "open communication early on: this is what it looks like over eighteen months or years or several quarters. This is who we think will pick up the responsibility."22

Law firms vary widely in how they inform legal departments about partner transitions, from abrupt notification to ample notice with thoughtful preparation.23 Practices serving institutional clients should establish clear protocols for succession communication, recognising that inadequate notice may prompt client reviews of the entire panel relationship.

4.3 Valuation Implications

The commercial case for succession planning crystallises in practice valuation. Valuation methods for law firms have evolved, with multiples based on maintainable fee income rarely used in recent years except for practices with substantial recurring work.24 The contemporary approach values the right to future profits, typically expressed as a multiple of maintainable profit.

The succession planning differential is stark. For smaller businesses with no succession plan where goodwill is vested in individuals, multiples may be as low as zero.25 For larger businesses in stable work areas with easier succession, multiples range between two and four.26 The difference between zero and four times annual profit represents the financial value of succession planning, quite apart from regulatory compliance or client protection considerations.

Factors enhancing transferable value include: experienced staff with low turnover rates; documented procedures ensuring business continuity; team-based client relationships reducing individual dependency; stable cash flows from recurring revenue streams; and clear succession pathways for key relationships.27

4.4 Succession Planning Prevalence

Despite the regulatory obligations and commercial incentives, succession planning remains uncommon. Research by the Remsen Group found fewer than 13% of surveyed lawyers had documented succession plans, with very few firms having plans for sudden departures.28 UK prevalence appears similarly limited, with the Law Society emphasising the problem's scale without providing specific statistics.29

This gap represents both risk and opportunity. Practices that develop robust succession frameworks differentiate themselves in acquisition discussions. Potential acquirers can assess transition risk with confidence, supporting premium valuations. The practice that cannot demonstrate succession planning conversely signals elevated risk, depressing value or precluding sale entirely.

5. Future-Proofing for Electronic Wills

5.1 The Law Commission Framework

The Law Commission published its Modernising Wills final report and draft Bill for a new Wills Act on 16 May 2025, including provisions enabling electronic wills to be formally valid.30 The recommendations respond to acknowledged inadequacy in the current Wills Act 1837 framework for contemporary technology and social circumstances.

The proposed regime would permit electronic wills meeting specific requirements for safety and reliability, including a "reliable system" standard and "remote presence" provisions for witnessing.31 Government welcomed the recommendations in May 2025, though no legislative timetable has been confirmed as of January 2026.32 Banks v Goodfellow remains the governing test for testamentary capacity pending any enactment of the proposed MCA 2005-based replacement.

5.2 Implications for Succession Planning

If enacted, electronic wills provisions would require succession plans to address dimensions absent from current paper-based frameworks. Access credentials for digital storage systems would need documented succession protocols: who holds passwords, how access transfers upon departure, and what safeguards prevent credential loss upon unexpected death or incapacity. Long-term preservation of electronic documents in accessible formats raises technical challenges: digital storage formats may become obsolete within years, requiring active migration strategies.

Transfer protocols for digital assets during firm transitions would need development. A practice holding 500 electronic wills in a cloud-based document management system cannot simply hand over a filing cabinet key. The technical and legal mechanics of transferring digital custody whilst maintaining document integrity and audit trails require careful planning.

5.3 Practical Recommendations

Practices should assess digital readiness now without premature implementation. The assessment should examine: current document management systems and their capability for long-term digital preservation; staff digital literacy and training requirements; cybersecurity arrangements and their adequacy for documents requiring indefinite secure storage; and business continuity arrangements addressing system access upon key personnel departure.

The assessment informs succession planning even before electronic wills legislation. Practices increasingly maintain digital copies alongside physical originals; correspondence, instructions, and advice files exist primarily in electronic form. Succession planning must address these digital assets regardless of whether the wills themselves remain paper-based.

6. Implementing the Succession Framework

6.1 Phase One: Foundation Building (Five-Plus Years Before Transition)

The foundation phase establishes the infrastructure for successful succession. Key activities include: comprehensive fiduciary role audit identifying all appointments held by partners approaching retirement; transition to trust corporation or office holder appointments for new matters where appropriate; development of team-based client relationships reducing individual dependency; documentation of procedures, precedents, and client history to facilitate knowledge transfer; and assessment of digital systems and succession requirements.

The foundation phase also addresses governance. Succession planning should become a standing agenda item for partnership or board meetings. Retirement intentions should be communicated with sufficient advance notice, recognising that the three to four year minimum guidance assumes prior foundation work.

6.2 Phase Two: Active Transition Planning (Three to Four Years)

The transition planning phase moves from infrastructure to implementation. Successor practitioners should be identified for key client relationships and fiduciary roles. Client introductions should commence, with the retiring partner introducing successors and participating jointly in client meetings. Valuation assessment should establish realistic expectations for practice value, informing exit route selection.

Exit route evaluation should consider the available options: internal sale to colleagues; merger with a complementary practice offering scale benefits; external sale to a larger firm seeking geographic or practice expansion; employee ownership trust structure providing gradual handover and tax-efficient extraction; or in limited circumstances, managed wind-down with run-off coverage.

6.3 Phase Three: Implementation (One to Two Years)

The implementation phase executes the selected transition model. File migration should proceed systematically, with client consent obtained where required. Regulatory notifications should be submitted per SRA requirements, including firm closure notification if applicable.33 Professional indemnity arrangements should be finalised, whether through run-off cover or successor practice election.

Fiduciary role transitions should complete where possible, with clients having executed replacement documents naming successor practitioners or trust corporations. Where clients decline to make changes, documented file notes should record the communication and the client's decision, protecting the retiring solicitor against future claims of inadequate succession planning.

6.4 Alternative Succession Models

Employee ownership trusts represent one of the fastest-growing business models in the UK legal sector.34 As of July 2025, approximately 2,470 employee-owned businesses and 335,000 employee owners exist nationwide, with government commitment to doubling the mutual economy.35 EOT structures enable retiring partners to manage handover gradually over several years, with tax advantages on disposal that can make this route financially attractive compared to external sale.

Other models include merger, which may realise synergies and provide staff continuity but requires compatible cultures and complex negotiations; external sale, potentially achieving higher prices but with less control over client and staff outcomes; and management buyout, preserving firm identity but requiring successor generation capability and financing.

Conclusion

Succession planning for will writing practices constitutes a regulatory obligation under the SRA Code of Conduct for Firms, a risk management imperative given revenue concentration in senior practitioners, and a value preservation strategy with direct financial consequences ranging from zero to four times annual profit. The distinctive characteristics of private client portfolios, including fiduciary appointments binding individual solicitors, indefinite file retention requirements, and unpredictable service triggers extending decades into the future, demand succession frameworks materially different from those adequate for transactional practices.

The Law Commission's May 2025 Modernising Wills recommendations add a digital dimension to succession planning that practices should assess now, regardless of legislative timing. The practice that builds succession into its governance framework, commencing fiduciary role audits and client transition activities five or more years before anticipated partner departures, protects clients, staff, and firm value. The practice that defers planning until retirement looms risks regulatory sanction, client detriment, and the extinguishment of partnership value accumulated over decades.

CPD Declaration

Estimated Reading Time: 20 minutes Technical Level: Advanced Practice Areas: Private Client, Practice Management, Regulatory Compliance, Estate Planning

Learning Objectives

Upon completing this article, practitioners will be able to:

  1. Identify the four dimensions of succession planning specific to private client practices: leadership, management, ownership, and fiduciary role succession
  2. Apply the SRA Code of Conduct for Firms requirements (paragraphs 2.1 and 2.4) to succession planning obligations for will writing practices
  3. Evaluate the valuation implications of succession planning presence or absence, distinguishing between zero-multiple and two-to-four-multiple scenarios
  4. Design a fiduciary role audit methodology to identify executor, trustee, and attorney appointments requiring succession planning
  5. Assess the digital readiness implications of the Law Commission's electronic wills recommendations for succession planning frameworks

SRA Competency Mapping

  • A3: Maintain the level of competence and legal knowledge needed to practise effectively
  • B3: Establish and maintain effective and professional relations with clients
  • C1: Manage yourself, your workload and support staff to ensure efficient, effective delivery of legal services

Reflective Questions

  1. What fiduciary appointments does your practice currently hold that would require individual partner succession rather than firm-level transition, and what is your current protocol for managing these upon retirement?
  2. How would your practice's digital document management systems support succession if a key partner departed unexpectedly, and what access protocols exist to prevent knowledge or credential loss?
  3. Given the valuation differential between practices with and without documented succession plans, what business case could be made to your partnership for investing in formal succession planning infrastructure?

Professional Disclaimer

The information presented reflects the regulatory and legislative position as of 28 January 2026. Regulations, tax rules, and professional guidance are subject to change. Readers should independently verify all information before acting and seek advice from appropriately qualified solicitors, financial advisors, or other professionals for their specific circumstances.

Neither WUHLD nor the author accepts liability for any actions taken or decisions made based on the content of this article. Professional readers are reminded of their own regulatory obligations and duty of care to their clients.

Footnotes

Footnotes

  1. Law Society, Succession Planning for Small Firms: The Pros and Cons. https://www.lawsociety.org.uk/topics/small-firms/succession-planning-for-small-firms-the-pros-and-cons ↩

  2. Armstrong Watson, How Much is My Law Firm Worth? (October 2025). https://www.armstrongwatson.co.uk/news/2025/10/how-much-my-law-firm-worth ↩

  3. Law Society, Fiduciary Roles and Retirement or Departure from Practice by a Private Client Practitioner. https://www.lawsociety.org.uk/topics/private-client/fiduciary-roles-and-retirement-or-departure-from-practice-by-a-private-client-practitioner ↩

  4. SRA Intervention Archives File Retention Policy. https://www.sra.org.uk/consumers/problems/claim-papers/intervention-archives-file-retention-policy/ ↩

  5. Legal Marketing Association research, cited in Clio Law Firm Succession Planning. https://www.clio.com/blog/law-firm-succession-planning/ ↩

  6. ALA Legal Management, Your Partners Will Not Always Be Here: Law Firm Succession Planning (2024). https://www.alanet.org/legal-management/2024/print/features/your-partners-will-not-always-be-here-law-firm-succession-planning ↩

  7. Clio, Law Firm Succession Planning. https://www.clio.com/blog/law-firm-succession-planning/ ↩

  8. Legal Futures, Law Firm Succession: Faithfuls or Traitors? https://www.legalfutures.co.uk/blog/law-firm-succession-faithfuls-or-traitors ↩

  9. SRA Code of Conduct for Firms, paragraph 2.1 (effective 11 April 2025). https://www.sra.org.uk/solicitors/standards-regulations/code-conduct-firms/ ↩

  10. SRA Code of Conduct for Firms, paragraph 2.4 (effective 11 April 2025). https://www.sra.org.uk/solicitors/standards-regulations/code-conduct-firms/ ↩

  11. SRA Warning Notice: Mergers, Acquisitions and Sales of Law Firms. https://www.sra.org.uk/solicitors/guidance/mergers-acquisitions-sales-law-firms/ ↩

  12. SRA Warning Notice: Mergers, Acquisitions and Sales of Law Firms. https://www.sra.org.uk/solicitors/guidance/mergers-acquisitions-sales-law-firms/ ↩

  13. SRA Indemnity Insurance Rules 2025-26. https://www.sra.org.uk/solicitors/standards-regulations/indemnity-insurance-rules/ ↩

  14. SRA Indemnity Insurance Rules 2025-26, clause 5.5. https://www.sra.org.uk/solicitors/standards-regulations/indemnity-insurance-rules/ ↩

  15. SRA Guidance: Closing Down Your Practice. https://www.sra.org.uk/solicitors/guidance/closing-down-your-practice/ ↩

  16. Law Society, Succession Planning for Small Firms: The Pros and Cons. https://www.lawsociety.org.uk/topics/small-firms/succession-planning-for-small-firms-the-pros-and-cons ↩

  17. Law Society, Fiduciary Roles and Retirement or Departure from Practice by a Private Client Practitioner. https://www.lawsociety.org.uk/topics/private-client/fiduciary-roles-and-retirement-or-departure-from-practice-by-a-private-client-practitioner ↩

  18. Law Society, Fiduciary Roles and Retirement or Departure from Practice by a Private Client Practitioner. https://www.lawsociety.org.uk/topics/private-client/fiduciary-roles-and-retirement-or-departure-from-practice-by-a-private-client-practitioner ↩

  19. Law Society, Fiduciary Roles and Retirement or Departure from Practice by a Private Client Practitioner. https://www.lawsociety.org.uk/topics/private-client/fiduciary-roles-and-retirement-or-departure-from-practice-by-a-private-client-practitioner ↩

  20. Bloomberg Law, How Some Law Firms Are Reimagining Succession Planning. https://news.bloomberglaw.com/business-and-practice/how-some-law-firms-are-reimagining-succession-planning ↩

  21. Bloomberg Law, How Some Law Firms Are Reimagining Succession Planning. https://news.bloomberglaw.com/business-and-practice/how-some-law-firms-are-reimagining-succession-planning ↩

  22. Bloomberg Law, How Some Law Firms Are Reimagining Succession Planning. https://news.bloomberglaw.com/business-and-practice/how-some-law-firms-are-reimagining-succession-planning ↩

  23. Bloomberg Law, How Some Law Firms Are Reimagining Succession Planning. https://news.bloomberglaw.com/business-and-practice/how-some-law-firms-are-reimagining-succession-planning ↩

  24. Armstrong Watson, How Much is My Law Firm Worth? (October 2025). https://www.armstrongwatson.co.uk/news/2025/10/how-much-my-law-firm-worth ↩

  25. Armstrong Watson, How Much is My Law Firm Worth? (October 2025). https://www.armstrongwatson.co.uk/news/2025/10/how-much-my-law-firm-worth ↩

  26. Armstrong Watson, How Much is My Law Firm Worth? (October 2025). https://www.armstrongwatson.co.uk/news/2025/10/how-much-my-law-firm-worth ↩

  27. Clio, Law Firm Valuation: Rule of Thumb. https://www.clio.com/blog/law-firm-valuation-rule-of-thumb/ ↩

  28. Remsen Group 2021 survey, cited in ALA Legal Management (2024). https://www.alanet.org/legal-management/2024/print/features/your-partners-will-not-always-be-here-law-firm-succession-planning ↩

  29. Law Society, Succession Planning for Small Firms: The Pros and Cons. https://www.lawsociety.org.uk/topics/small-firms/succession-planning-for-small-firms-the-pros-and-cons ↩

  30. Law Commission, Modernising Wills Final Report (16 May 2025). https://lawcom.gov.uk/publication/modernising-wills-final-report/ ↩

  31. Law Commission, Wills Project. https://lawcom.gov.uk/project/wills/ ↩

  32. Law Commission, Recommendations to Modernise Wills Law to Promote Testamentary Freedom. https://lawcom.gov.uk/news/recommendations-to-modernise-wills-law-to-promote-testamentary-freedom/ ↩

  33. SRA Guidance: Closing Down Your Practice. https://www.sra.org.uk/solicitors/guidance/closing-down-your-practice/ ↩

  34. Legal Futures, Employee Ownership: The New Driver of Law Firm Succession. https://www.legalfutures.co.uk/associate-news/employee-ownership-the-new-driver-of-law-firm-succession ↩

  35. Legal Futures, Employee Ownership: The New Driver of Law Firm Succession (July 2025). https://www.legalfutures.co.uk/associate-news/employee-ownership-the-new-driver-of-law-firm-succession ↩