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LawBiz® TIPS – Week of September 8, 2015

LawBiz(r) newsletter

Branding is everything, even in naming a business. What do you think of these names and tag lines seen during our road trip?

Spotted Car Wash (would you take your car there to be washed/cleaned?)

Patrick Dempsey’s Lodge ... Booze Food and Snooze

Best wishes for the holiday and the holiday season approaching ...

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Negotiating the Negotiations Process

The negotiation process for the sale of a law practice is a very delicate matter.

To obtain the best results, negotiations must be handled with the greatest degree of forethought, as well as a certain aloofness and lack of ego or emotionalism. Take this as a hint that you will not be best served by handling your own negotiations when selling your practice. After you have worked for a number of years to make your practice grow and blossom, you are the wrong person to cool-headedly negotiate for the best possible price and terms.

Presuming that you are planning ahead and have a reasonable amount of time in which to sell your practice, you should take advantage of the time you have to hire the right professionals to help you. Don’t try to conduct the negotiations yourself for the same reason that you don’t usually want the client in the room when you are negotiating that client’s contract. The issue is understandably quite personal and emotional. Effective negotiations require distance from the emotion so that the work can be done professionally and intelligently. Let another professional handle your negotiations, and the result will be considerably less stressful for you—and will probably be financially better for you as well.

It is also essential to underscore another very human element in seller psychology: essentially, once someone makes the actual decision to sell, there is a great temptation, or tendency, to lessen one’s level of intensity in both servicing existing clients and developing new clients. To ensure your own success in the practice for the time remaining before the close of the sale transaction and to obtain the highest sale price possible come negotiation time, it is imperative that the practice continue to function as it always has and that you continue to seek new clients and improve the firm’s billings.



Negotiating the Negotiations Process

Check out this month's special!

LawBiz® Registry: Buy or Sell Your Practice

Ed Poll on YouTube

Buy or Sell Your Practice 

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New Life After Law Coaching Program



"Ed educated me on how to implement a plan for the management of my law offices, which I have set up in Santa Monica. With his help, I was able to conceive and put into effect a business plan which promises not only to simplify my business, but to make it more profitable as well. He readily pinpointed my needs and offered sage advice on what I could do to rectify the problems that I have been facing. For this, I am forever grateful and will highly recommend him to anyone who asks."

Santa Monica, CA

"I decided to "go solo" and start my own practice after being a senior associate at a large national law firm. I started in temporary office space with a secretary and one associate attorney. I retained Ed Poll to provide comprehensive consulting and guidance in establishing my permanent office. He knew from day one how to re-shape my thinking from being a day-to-day lawyer into being in charge of a business. Ed knew the right questions to make me answer. Ed has taught me virtually everything I know about formation, planning, and now management of a successful law firm. I would enthusiastically recommend Ed Poll for retention as a consultant in connection with any aspect of law practice management."

Los Angeles, CA

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London, England


Ed Poll, LawBiz® Management   |   |   |   |


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