Law firms are businesses, but they cannot be bought and sold like any other business. Firms must be careful to understand and follow Rule 1.17, which guides the process of selling a practice. This course will examine in detail what can and cannot be done.
Locating a buyer can be a matter of serendipity. But in most instances is requires an analysis to identify potential buyers, and a strategy to make them aware of the opportunity available. This course will discuss many of the strategies employed successfully.
One of the most perplexing problems lawyers face is determining the best method(s) to successfully transfer value to a new owner. There is often an intensely personal nature to the attorney-client relationship. It is said that clients hire lawyers, not firms. And often that is true. For this reason, a well thought-out transition plan is essential to a successful sale. The course will reveal the components of good transition plans.
Methods of payout vary widely from one sale to another. This session will explore many of the variations, and the considerations for both purchaser and seller.
Finally, as with any legal transaction, having a clearly written agreement ensures compliance, and avoids misunderstandings.
Recorded in February 2023.