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The internet has changed the marketplace for selling a law firm. Universal access to the web has fundamentally changed the way retiring attorneys offer a law practice for sale. Law firms for sale used to be the exclusive purview of business brokers who had a book of business and relied on business connections to match sellers with buyers. Not anymore.
Law Firms for Sale By OwnerThe internet has introduced a whole new way of selling a law practice. Online classified advertising forums have popped up for retiring lawyers selling a law firm – much like the for-sale-by-owner market. Retiring lawyers can offer a law practice for sale in a matter of minutes and reach an audience accessible by every licensed lawyer in the United States sans broker. The online advertising forums have increased the frequency of seller and buyer contact. Prospective buyers can peruse the inventory of available law firms in a matter of minutes and without the hass…
Selling a law firm pursuant to Rule 1.17 can be a joyous event for lawyers retiring from the practice of law. Decades of demanding work building a firm are rewarded with a large payout for sellers and increased market share for buyers. A law practice sale is like other major transactions – a willing buyer agrees to pay a willing seller an agreed upon price. But selling a law firm differs from other transactions become of the magnitude of the sale price. The price of a law practice can be $100,000 to $500,000 plus.
Law Firms for SaleSelling a law practice used to be difficult before the advent of online classified ad forums. Law firms for sale can be advertised on sites like https://lawpracticesale.com/. A centralized marketplace can draw more buyers. Law firms for sale identify the practice area, secondary practice area, tertiary practice area, number of clients, number of clients, average revenues, firm structure, and other information…
Attorney Robert Schaller recently read an interesting article on law firms for sale published by Lawyers Mutual Liability Insurance Company of North Carolina. To read the article click the link. Law firms for sale is an interesting topic to lawyers nearing retirement. Make sure to read ABA Rule 1.17.
The issues discussed include: Law Practice Exit Planning; Law Practice Valuation; Six Steps to Prepare Your Practice for Sale; and Eight Key Considerations in a Law Practice Transition Agreement. The Article also provides a variety of helpful checklists. The article begins with a discussion of Rule 1.17 and answers the question "Can you Really Buy or Sell a Law Practice?" Next, the article discusses the opportunities available to lawyers selling a law firm followed by a discussion of the opportunities of attorneys buying a law firm.
The section on law practice exit planning is perhaps the most interesting section of the article. Will it be a merger with…
