Selling a law practice pursuant to Rule 1.17 can be a joyous event for a lawyer retiring from the practice of law but requires an analysis of the buyer's ability to pay. Decades of demanding work building a practice is rewarded with a large payout for a seller and increased market share for a buyer. 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 practice 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.
Selling a law practice used to be difficult before the advent of online classified ad forums. A law practice for sale can be advertised on sites like https://lawpracticesale.com/. A centralized marketplace can draw more buyers. Law practices for sale identify the practice area, secondary practice area, tertiary practice area, number of…