The profitable exit strategy: optimize the value of your practice when you sell.
Buying & Selling a Law Practice
Don't make the mistake that so many lawyers do when the time comes to close their law practice. You've spent years developing your law firm and you shouldn't throw away your biggest asset: your practice itself. That's right - your law firm is worth more than the books, computers, furniture and accounts receivable. Your client files and goodwill also have value and more than 30 states now recognize this as true.
Does one of these situations describe you?
- Retirement from law
- Appointed to be a judge
- Relocating to new city
- Changing your profession
If so, you may be able to sell your law practice. The same valuation principles apply in the event of your death. Rather than leave your surviving spouse to "mop up," you can pass on the value of your practice to your estate.
Larger law firms are accustomed to selling law practices, but they call it a "merger," "retirement" or "breakup." Thanks to changes in the ethics rules over the last 10 years, lawyers in smaller firms now can get full value for their practices too. Edward Poll can turn your years of effort into real money.
Start by retaining Ed to value your practice.
Ed can recognize whether a law firm has the right volume of revenue, or that certain client base, that will attract the right buying attorney. Ed will put a value on your practice by referring to financial data and market place guidelines. In the next step, Ed will develop a prospectus or brochure to help your sale come true. He knows how to find the lawyers and new graduates who are looking to take over an ongoing practice. Ed will also advise you on your negotiating strategy so you get the best deal. He practiced law for many years and will assure that you comply with the Rules of Professional Conduct that govern the transfer of your practice. Once the sale is complete, Ed will help integrate the merged practices so that they act like one cohesive business.
For more information, read Ed's article "New Opportunities for Buying and Selling Law Practices". You can teach yourself how to value a law practice with Ed's specific tips in his Tool Kit for Buying or Selling a Law Practice. Or you can call Ed Poll today to get the value of your years of law practice.
