» Selling Your Practice

What Happens to Your Website if You Sell Your Practice?

If your firm is like many solo and small law firms, a significant portion of your firm’s value derives from the amount of business your website generates. When selling a law firm—be it an actual sale or a transition to another firm as “of counsel”—it is therefore critical that the buying firm retains the benefit of the seller’s previous website traffic. ... Read More

Closing versus Selling a Law Practice: Why Not Get Money for Your Efforts?

Are you a solo lawyer or small-firm owner facing retirement? Then, like most Boomer lawyers out there, you’re contemplating the option of selling your law practice. ... Read More

Succession Planning Scenarios for Solos & Small Law Firm Owners

For solo practitioners and small law firm owners seeking retirement, here is a quick, down-and-dirty summary of the succession plan strategies available to you. Put another way, here are three structural ways that soon-to-be retired lawyers can “sell” their practices. ... Read More

Preparing Your Practice for Sale? Don’t Do Stupid S**t.

Soon-to-be retired solo practitioners and small law firm owners who are thinking of selling their law firms frequently ask, “Is there anything special or unique that I should do now to maximize my practice’s value?” Whenever I hear that question, I can’t help but think of President Obama’s remark about how to best manage world affairs: “Don’t do stupid s**t.” That advice holds true for lawyers contemplating selling their practice. ... Read More

Appraising a Law Firm for a Buy-In: CPA’s Need Not Apply

You own a small law firm. For the first time, you want to make one of your associates a partial owner. But how do you determine the price of admission for the “buy-in?” ... Read More

A Rule of Thumb for Valuing a Law Practice Is Not to Use the Rule of Thumb

Solo practitioners and small law firm owners wanting to know what their practices are worth frequently rely on the “rule of thumb” valuation method. The choice is an easy one to make, because the method is simple; even lawyers who can barely read a balance sheet or a profit and loss statement can understand it. ... Read More

A Better Way to Value a Law Practice

“So, what’s my law practice worth, Roy?” If only I had a dollar for every time someone has asked me this question… No one really liked my old answer to that question:  “Whatever someone is willing to pay you.” So instead I turned to posing a hypothetical. Will the Phone Keep Ringing? When a client asks me what their practice is worth, I pose the following: Imagine it is Friday afternoon. You’ve been running a successful law practice, but are now ready to ride off into the retirement sunset at the close of business that day. When Monday morning rolls around, will your existing clients or potential new clients call you and be willing to work with your replacement? If your answer is “no,” your practice is probably worth litt… Read More

How to Avoid Practicing Law After Selling Your Practice

If you decide to exit the legal profession, you should explore the option of selling your practice. Most states have adopted a version of Model Rule 1.17, which requires you to jump through some hoops before you can sell. Continue reading this post on www.lawyerist.com Read More

What You Need to Know in Order to Sell a Law Practice

For years, selling a law practice was prohibited because ethics regulators believed clients, files, and a firm’s good will were not something that could be sold. This prohibition did not really affect larger law firms, which would just buy out partners, i.e. the partnership would return the percentage of the equity owned by the retiring partner. Smaller law firms were able to “sell” themselves by merging with other firms. Continue reading this post on www.lawyerist.com Read More

How To Determine If Your Law Practice Is Worth Anything

Frequently, soon-to-be-retired solo practitioners or small law firm owners want to know if it is worth the effort to sell their practices. By far, the most significant determinant of the answer to this question is whether and for how long the practice can continue to produce revenue once the seller is gone. Continue reading this post at www.lawyerist.com Read More
Our firm is glad we went through the strategic and succession planning process with Roy and have implemented many of his suggestions. Not surprisingly, some, though not all, of Roy’s ideas were things that I, as the firm’s leader, had wan…" Read the rest
– Managing partner, small central NE law firm

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