Selling Your Law Practice: The Profitable Exit Strategy

Selling Your Law Practice

"There has been little written about how to evaluate and sell a law practice, much less how to close a practice. With this book, Ed Poll has stepped up to fill that void."
James E. Brill, former Chair of the American Bar Association Law Practice Management Section

Ed PollSelling Your Law Practice author Ed Poll, JD, MBA, CMC, is a nationally recognized coach, law firm management consultant, and author. He practiced law on all sides of the table for twenty-five years - as a corporate general counsel, government prosecutor, sole practitioner, partner, and law firm chief operating officer. He is admitted to the California Bar, and has been a member in good standing for over 40 years.

Close your practice for a profit.

How you can make an unexpected fortune selling something you thought was worthless... your law practice.
Dear colleague,
Remember when your law practice was just starting out, how difficult it was to build your client base from scratch?
No one knew you. No one trusted you. No one heard of your name. It's amazing you were ever able to get those first clients. But you did.
Now that you've built this solid reputation and name in your community, have you ever stopped to wonder how much it could be worth?
After all, if a doctor will pay a hefty premium to buy an already established medical practice, why can't you sell your legal practice for a profit?
Well, the good (and perhaps surprising) news is: now you can.
Unlock the hidden value of your good name!
In the old days, you didn't sell your practice - you simply closed it. There were no other options.
Thanks to a new law governing the sale of law practices in over 40 states, you can now sell your law practice just like any other business asset.
You may have thought your dusty books and old office furniture were all you could sell. (If you were lucky)
Now you're sitting on an asset that could be worth as much as one and a half times your yearly revenue or more.
Just think of the extra financial cushion selling your practice will add to your retirement. Or the added security it will create for your spouse, children, and grandchildren when they no longer have your income to depend on.
However you decide to use your new wealth, it's all the more enjoyable because you didn't even expect it!
How much can you get for your practice?
I can't answer that off the top of my head. It depends on a number of factors: the value of your client files, your location, how well you can negotiate, etc. (All of this I will teach you!)
I can tell you this: Using the system I created, I've been able to get some of the attorneys I consult with up to six-times their original asking price.
This can translate into a cash gain anywhere from $25,000-$300,000 depending on all the factors I mentioned above.
You might be thinking, "There's no way I can possibly find an attorney who will pay that much for my good name." Well, as someone who buys and sells practices with clients, I can tell you the market is immense. Your potential buyers include:
  • Lawyers who want to jumpstart their practice, or take their practice to the next level immediately
  • Graduating law students who want to go into their own practice right out of school
  • Lawyers who want to expand into new practice areas and need your reputation as a stepping-stone
In the old days, you might have given your practice away to these people...
But why give it away when you can get something for it?
After all, you're giving buyers something of considerable value. You're giving them credibility and the power of your good name. You're also giving them the opportunity to retain some of your loyal clients. (Consider the cash value of this alone!)
You know you worked hard to build up these assets. You and your family sacrificed for them.
Now here's how you can guarantee you get the money you deserve.

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There's a science to it!
After years of helping attorneys get top dollar for their practices, I have created a system for uncovering the hidden value of your law practice, so you can sell it at a significant profit when it's time to retire, close, or move.
This system will not only show you how to attach a realistic price tag to your practice, but it leads you step by step through the process of finding a buyer and negotiating for thousands above your expected price.
For many years, you couldn't get this system anywhere else (unless you had $12,500 to hire me as your personal negotiator).
So, I decided to lay it all out for attorneys like you in a comprehensive, easy-to-read, bullet-point guide called Selling Your Law Practice: The Profitable Exit Strategy.
It's really more than a book; it's a kit that comes with a FREE bonus CD-ROM containing all the downloadable sale and non-disclosure agreements, client account forms, financial worksheets, and sample letters you will need to complete your sale, hassle free.
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No stone left unturned!
In 412 eye-catching pages, Selling Your Law Practice literally covers everything involved in the selling and closing of your law firm:
You'll learn:
  • How to determine if your practice can be sold - by consulting the State Bar Regulations from 50 States
  • How to put a price tag on your firm - from assessing its fair market value to setting your ideal sale price
  • How to entice and attract potential buyers through marketing, publicity, and word of mouth
  • How to find a qualified buyer - one who will pay top price for your firm
  • How to negotiate and get top price for your practice
  • How to break the news to employees and clients - without creating an early panic
  • How to maximize tax benefits on the sale of your practice (This will save you thousands!)
  • How to make the transition following the sale or close of your practice as easy as possible - following the step-by-step closing checklist I give you
Even if you'd rather give away your practice than sell it, you could still get something of tremendous value from following my system.
Why? Because I lay out the closing process for you, like a roadmap. There's no other resource on the market that gives attorneys what I give them in this book. Click here to view the Table of Contents.
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Save hours of billable time spent in the library!
Selling Your Law Practice also comes with a CD-ROM containing downloadable Microsoft Word and Excel worksheets, forms, and checklists you can customize easily to make your sale or closing run smoothly, including:
  • Confidentiality and Nondisclosure Agreement
  • Asset Purchase and Sale Agreement
  • Agreement of Non-competition
  • Secured Promissory Note
  • Letter to Clients Advising of Practice's Sale
  • Letter to Clients Advising of Law Office's Closing
  • Client Authorization for Transfer of Files
  • Client Request to Obtain Client File
  • Sample Press Release Announcing Sale of Law Practice
  • Sample Press Release Announcing Closing of Law Practice
  • Sample Client File-tracking Chart
  • Clients Trust Account Schedule (Excel Spreadsheet)
Why should you spend 80-90 hours creating these forms from scratch, when I've created them for you?
Just consider how much you could bill for this time, and you'll see what an incredible value this is!
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Closing Argument
Let's review what you get when you purchase Selling Your Law Practice:
  • A step-by-step law practice valuation and sales system that will allow you to get thousands of dollars more for the sale of your practice (Hiring me personally would cost you $12,500!)
  • A CD-Rom with downloadable spreadsheets, checklists, and forms that saves you hours of time out of your day that you can bill for!
All of that would be worthless if I didn't personally guarantee your complete satisfaction.
If you get this book home and hate it, simply mail it back to the address below and your full purchase will be refunded. You can't lose a dime here. This guarantee is good for life.
Are you ready to make your exit from law a profitable one?
Ed Poll

PS: I believe you have something of value that extends beyond the "sticks and stones" of your law office. Failing to see that fact robs you and your loved ones of a very significant asset in your lives. I guarantee Selling Your Law Practice: The Profitable Exit Strategy will be the wake-up call you need to demand a significant cash return on years of hard work.
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