A retiring lawyer can now sell a law practice in Illinois with the adoption of Rule 1.17. Illinois attorneys considering buying or selling a law practice for sale should study the differences between Illinois Supreme Court Rule 1.17 and ABA Rule 1.17.
Ill. Sup.Ct. R. 1.17 -Sale of Law Practice:
A lawyer or a law firm may sell or purchase, and the estate of a deceased lawyer or the guardian or authorized representative of a disabled lawyer may sell, a law practice, including good will, if the following conditions are satisfied:
(a) The seller ceases to engage in the private practice of law in the geographic area in which the practice has been conducted;
(b) The entire practice is sold to one or more lawyers or law firms;
(c) The seller gives written notice to each of the seller's clients regarding:(1) the proposed sale;(2)…