Top 5 Reasons Why a Commercial Lease Should Not Delay Succession Planning for Senior Attorneys

In this episode, Jeremy E. Poock, Esq. and Scott Loring address the top 5 reasons why a commercial lease should not delay succession planning for Senior Attorneys: (1) Avoid the “Sunk Cost Fallacy,” which Loring defines for listeners as when we continue an action because of our past decisions, rather than a rational choice of what will maximize our utility at this present time; (2) Recognize that a “Random Tuesday Event” could occur before the end of the lease term; (3) A successor may have interest to assume the lease; (4) Options for mitigation; and (5) The risks that maintaining the Status Quo presents to the value of a Senior Attorney’s practice. Poock also points out that Growing Law Firms view a Senior Attorney’s commercial lease as a cost of doing business. In the context of the influx of clients and referral sources that a Senior Attorney’s practice presents, Growing Law Firms often say, “Please, put that on the table for us to discuss and negotiate.”