Many attorneys are opting for what is common in other professions--buying an existing practice rather than starting from scratch. An existing business has a history of revenue and operational costs. Studies show that in spite of new ownership customers of an existing business tend to continue their purchasing habits. Law practices have experienced the same phenomenon.
Who buys a law practice?
- Attorneys who want to go out on their own to regain the personal touch and total involvement they've lost by practicing at a large firm
- Law school graduates who realize finding a job is not so easy and that they would like to have complete control over their success
- Associates who are tired of waiting for partnership track at their current firm and would like to venture out on their own
LawBiz® Management makes buying a law firm painless.
Recognized law firm strategist Ed Poll puts his 25 years of senior legal experience on all sides of the table and 20 years of consulting and coaching to work for you. Ed will:
- Seek a law practice that fits your needs
- Act as a third party expert during negotiations
- Counsel on the ethical considerations specific to lawyers buying a law practice and dealing with the rights of clients during the transition process
- Prepare a deal memorandum reflecting the parties’ agreement
- Work with buyer’s counsel to translate the deal memorandum into a contract of purchase/sale.
- Coach you in the transition into the merged practices once the sale/purchase is complete, for three months.
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