A law firm broker is a professional intermediary who facilitates the sale, purchase, or merger of law practices or law firms. They manage the entire process, including valuation, confidential marketing, vetting buyers, and negotiating terms. Law firm brokers help solo and small-firm owners exit their practices while ensuring confidentiality and maximizing value. Key roles of a law firm broker include: Valuation: Determining an accurate, realistic asking price for the law practice Confidential Marketing: Creating marketing materials and listing the business without revealing its identity to competitors or employees. Buyer Screening: Finding and vetting potential buyers to ensure they have the practice expertise and the financial capability t… Read More

If something unexpected happened to you this week, what would your clients experience? Do you have a law firm contingency plan or succession plan in place that could be seamlessly implemented? Or would chaos reign, causing your clients (rightfully) to panic about their legal matters? Read More

A small firm owner in a mid-sized city spent months secretly exploring the sale of his practice. He had a strong client base, a stable referral network, and an intimate team that he had built over three decades. When a potential buyer expressed serious interest, he agreed to meet. Read More

Rule 1.17 of the Model Rules of Professional Conduct states that after a sale, sellers must “cease to engage in the private practice of law.” Does that mean you must hand over the keys, walk out the door, and immediately ride off into retirement sunset? And if the answer is yes, how is that realistically possible? Read More

One retirement exit strategy often considered by solo practitioners and small law firm owners is the "recruit your successor" one. The idea behind this strategy is to find a young, inexperienced lawyer who is then groomed to take over the practice. Read More

Last month, I went out to dinner with some friends. One friend announced to the group that, after working for a large telecommunications company for more than 25 years, he was being offered an opportunity to retire early with some very nice incentives. He further informed us that he had intended to retire within the next year. So, the offer was not going to change his planned retirement date in any significant manner. Read More

If you’re like most lawyers, you didn’t go to law school because you loved spreadsheets and financial reports. For most small firm owners, financial reporting receives only the level of attention needed to keep the firm operating. But when the time comes to sell the practice, clear financial records suddenly become very important. Financial clarity can be the difference between a smooth, professional transaction and a serious buyer losing interest. If your books are clean, consistent, and understandable, you strengthen your negotiating position. If they are messy or unclear, the purchase of even a strong practice can appear risky for a potential buyer to undertake. Read More

I recently wrote about how private equity is in the very early stages of exploring the law firm marketplace to disrupt it and, of course, make money. Here’s what these investors will find when they begin their journey to acquire law firms. Simply put, they have their work cut out for them. The law firm marketplace is immature, underdeveloped, and difficult to navigate. Read More

After over 15 years advising retiring lawyers, one reality stands out: selling a law firm is far less universal than many believe. A sale assumes transferable client relationships, a willing, capable successor, and a business that can operate independently of the current owner. In smaller firms, those conditions are not always present. Read More

I recently worked with two elder solo attorneys in excellent health. They wanted to work 2-3 more years at almost a full-time pace. However, they were old enough and wise enough to know that a sudden health issue could derail all of that if they didn’t make a plan soon. I’ve written before about the risks of dying at your desk. Suffice it to say that if that occurs, you leave a mess for clients, staff, and especially grieving spouses and children. Further, selling a practice is way more difficult without the owner around. And even if it can be done, it is usually at fire sale terms. Read More

When small firm owners fail to secure a successful exit, it’s rarely a market issue. More often than not, they get in their own way long before the market ever enters the picture. I’ve spent over fifteen years having conversations with lawyers considering retirement, and I’ve noticed a clear pattern. When those conversations don’t progress, it’s rarely because the attorney decided to work with someone else. It’s usually because the lawyer isn’t ready to confront the decisions in front of them. This post will explore some of the most common ways lawyers unintentionally undermine their own exit from practice. Read More

Most retiring lawyers assume the most challenging part of selling their firm will be finding the right buyer or negotiating the best deal. In truth, it is the emotional side of the transition that surprises them the most. Read More

It should come as no surprise that the question most prospective clients ask me is, “What is my law firm worth?” My response is always as follows: Imagine it’s Friday afternoon and you ride off into the retirement sunset never to return to the practice of law. Then, on Monday morning, the phone rings at your old desk, and your successor answers. Read More

Wall Street is beginning to scratch the surface of the unique investing opportunities in the legal profession. You may be thinking, “Didn’t those same folks disrupt the medical, dental, and accounting professions?” Yes, they did, and our profession is their next target. Read More

If you are considering selling your law firm, you have two basic options. They are: Have an existing associate or associates (if you have associates) buy you out, or Transition to a third party (sell to or go “of counsel” with another firm). Let’s take a look at the considerations for each. Read More

Building your firm was hard. Deciding it was time to retire was likely harder. But telling your staff you are moving on? For small firm owners, that might be the hardest task of all. Read More

What if the future owner of your law firm isn’t another lawyer? Not long ago, that idea would have seemed preposterous. But the times today are a-changing. In a post earlier this year, I discussed the emerging trend of lawyers assuming investor roles, rather than practicing law, within law firms. And now, there’s another trend on the horizon: Management Services Organizations, or MSOs. This business model has already disrupted other professions such as dental, medicine, and accounting. Some of you reading this are now the targets of these investor-lawyers. Read More

Law practices are often valued in divorce proceedings. As such, lawyers frequently assume that it should be relatively easy to apply similar valuation principles when trying to sell a practice. Nothing can be further from the truth.

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