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. 

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 considering buying a law firm. Purchasing 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, we’ll show you how to buy a law firm and the key things to consider before your purchase, including the time of sale, due diligence, and more.

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. Let’s dive into how to value a law firm.

Whether you have started a law practice and are looking to expand rapidly, or you 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 businessperson. Below are a few things to consider as you learn how to buy a law practice.