It Was Really Several
A 59-year-old senior partner with approximately $8 million invested expected to retire within several years. He thought his primary decision was choosing a retirement date.
What We Saw Coming
From that one goal, we knew there were several other events to understand before the date was fixed:
- Leaving equity
- Reducing full-time practice
- Becoming Of Counsel
- Transitioning clients
- Receiving partner capital
- Beginning deferred compensation
- Ending professional income
Those events could occur at different times and create very different cash-flow, tax, and investment consequences.
How We Helped
We:
- Mapped the professional and financial transition dates
- Compared several realistic exit paths
- Modeled partner capital and deferred-compensation cash flows
- Identified questions that needed answers from the firm
- Coordinated with his CPA and other professionals where needed
- Tested liquidity and portfolio needs under different timing assumptions
The Result
He could see which decisions needed to happen first, which could wait, and how changing one part of the transition affected the others.
Why Specialized Experience Mattered
Because our Legal Professional Advisory team reviews the attorney career journey and shares best practices across our professional advisory teams, we knew what to investigate beyond his stated retirement date. His advisor then brought together the appropriate firm, tax, and investment expertise and coordinated the answers into one transition plan.
When Beacon Pointe Can Help an Attorney
- Retirement is several years away
- Considering leaving equity or becoming Of Counsel
- Partner capital or deferred compensation is involved
If you’re beginning to plan your transition from full-time practice, a second opinion can help you coordinate the timing of leaving equity, reducing your workload, transitioning clients, receiving partner capital, and beginning deferred compensation—so you can understand how each decision affects the others. Meet Our Attorney Advisory Team →
Important Disclosure: This case study is provided for illustrative and educational purposes only. It is intended to demonstrate the types of planning strategies and advisory services that may be available through Beacon Pointe Advisors, LLC. The scenario may be based on anonymized, modified, or composite client circumstances and does not represent the experience of any specific individual or family. Any outcomes described, including tax, estate planning, or investment results, are hypothetical illustrations only and are not guarantees of future performance or results. Individual outcomes will vary based on personal circumstances, applicable laws, and market conditions. Beacon Pointe does not provide legal or tax advice.