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.

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