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 and, in practicality, generally left single-owner firms with an asset they could not sell (while large firms were merging, acquiring books of business, etc.). Today, however, it is both ethical and common to sell a law practice, but the structure of the transfer of your law practice, and, thus, the 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.
2 min read
Topics: Business Owners Lawyers Sellers Legal
2 min read
Whether you are venturing out on your own and plan to start your own law firm, or your current firm is expanding, you may be thinking it is time to buy a law firm. Buying a law firm is a bold move and one of the biggest decisions you will make in your career, so it is important to first consider a few important factors. Below are some things to keep in mind when it is time to start searching for a law firm for sale.
Topics: Buyers Business Owners Lawyers Legal
3 min read
You have worked hard and built your law firm into something that you are immensely proud of and that you value a lot. When it comes time to sell your firm, however, it is not the value you place on it that matters. You need to determine how valuable potential buyers will find your firm because that is what you will ultimately receive for it. While you may think it is going to be difficult to ignore your own emotions when evaluating your law firm, there are a few factors you can use to help you step back and really see how much your firm is worth.
Topics: Lawyers Sellers Consulting Services Legal
3 min read
Whether you have started a law practice and are looking to expand rapidly, or are thinking about leaving a large firm and venturing out on your own, buying a law practice – buying a business – may be right for you. Regardless of where you are in your career, it is much easier (and more cost-effective) to buy a law practice than it is to start one all on your own. Many attorneys do not even consider purchasing a law practice because they don’t realize they can, and/or they don’t know where to even start with the process. However, buying a law practice is both possible and a great avenue to pursue, for the savvy business person. Below are a few things to consider if you are thinking about starting your own practice.