An attorney selling a law practice must be navigating the transition competently. The process involves not only legal and financial considerations but also ethical responsibilities to clients. In this article, we will explore the steps involved in selling a law practice by a retiring attorney, with a focus on utilizing online marketplaces, pricing methods, ethical limitations under ABA Rule 1.17, and the crucial need to notify clients.
Utilizing Online Marketplaces to Find Prospective BuyersIn today's digital age, navigating the transition while selling a law practice has been revolutionized by online marketplaces that connect retiring attorneys with prospective buyers. These platforms offer several advantages:
Exposure to a Broader Market: Online marketplaces allow attorneys to showcase their practices to a wide audience, including individuals, law firms, or even investors, thereby increas…