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…