For years lawyers could not sell their law practices because it was considered unethical. The prevailing theory behind deeming the sale of a law practice unethical was tied, in large part, to the client’s right to choose a lawyer. While well-meaning, these ethical rules left smaller and single-owner firms with an asset they could not sell—their client list. Meanwhile large firms were merging, acquiring books of business, etc. Luckily, that’s no longer the case.
Today, it is both ethical and common to sell a law practice, but you must still consider some rules when selling a law practice, and the law firm documents you prepare must take the ethical rules into account. Below are some of the most important documents to have on hand once you decide to start the process of transferring your firm to a new owner.