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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Roy was my outplacement counselor after I left my job as an in-house attorney. At the time, most of my legal experience was in the corporate world as a litigator at a mid-sized downtown law firm and as in-house counsel. I realized that I was tired of…" Read the rest
– Solo practitioner, Minneapolis, MN

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