Lawyers are intelligent, resourceful, and thrifty. So, when it's time to sell their firm, it's natural to wonder whether they can handle the process themselves. After all, homeowners sell their homes without brokers every day. How different can selling a law firm really be? ... Read More

I’ve got some good news and some bad news. First, the good news. Men in the United States aged 65 can expect to live 18.2 more years on average. Women aged 65 years can expect to live around 20.8 more years on average. The bad news is that some lawyers read that and somehow think that they can practice that long. ... Read More

Clients always want to know one thing when negotiating an insider sale: what's a fair price? The answer is not so simple. In fact, the answer depends on yet another question: fair based on what? ... Read More

What makes selling a law practice in California different from selling one elsewhere? Quite a bit, actually. California’s legal market operates on a different scale than most states. Competition is intense, operating costs are high, and buyer expectations are unique. What follows is a practical overview of what makes California’s legal market different and what that means for attorneys planning their exits. ... Read More

Purchasing another lawyer’s practice is fast becoming a popular and more common way to grow or diversify one’s law firm. There are three main reasons for this: ... Read More

You've decided it's time to sell your law practice. The next question almost no one can answer: Who's going to buy it? Unlike many other industries, the market for law firms remains immature and underdeveloped. There is no central marketplace where qualified buyers browse available practices. Most transactions occur privately through existing relationships, referrals, or discreet outreach. As a result, many buyers and sellers never find one another. ... Read More

A law firm's culture is rarely neatly packaged in a mission statement, but it's there for anyone who cares to look. Law firm sellers often wonder what will happen to that culture after they sell the practice. Will long-time employees retain their jobs and be paid similarly? Will clients continue to receive the same level of service? Will the relationships and standards that helped make the firm successful endure the transition? ... Read More

Over the past year, the internet lit up with articles and blog posts about private equity’s invasion of the legal profession. McDermott Will & Schulte, the large international law firm, confirmed it was exploring a restructuring that would let private equity hold a stake, and Quinn Emanuel’s founder said he was open to outside investment. ... Read More

For most lawyers, the decision of when to retire is rarely black and white. The question most attorneys are really asking is not “can I retire?” but “should I?” That is a much harder question to answer. Retiring from Law Practice: Understanding Your Options Before we get into the nuts and bolts of making the decision whether to retire, it’s worth noting that you will incur a cost no matter what. Accordingly, it’s important to identify your objectives, understand your options, and weigh the pros and cons. Continuing to practice, even just part-time, can offer steady income, structure in your day-to-day life, and a sense of purpose. But it also comes with costs, such as fatigue. As you approach retirement, you may… ... Read More

You've built a great office. Prime location, professional setup, and even some upscale finishes. That adds value when it's time to sell your law practice. Or does it? Small-firm owners and solo practitioners often believe that their office space, whether owned or leased, significantly enhances the appeal or even the value of their practice. After all, many have invested years building out their office. It’s natural to expect that investment to pay off. ... Read More

Two of the most expensive mistakes lawyers looking to sell their practices make are signing a long-term lease, and failing to create a contingency plan for incapacity. We’ll take a look at why that is in a moment, as well as how to avoid those pitfalls. ... Read More

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