The Practice Sale: Q and A
No matter what the reason, lawyers regularly contact me for help in selling their practices, given that I have helped hundreds of lawyers sell and buy a law practice through my book Selling Your Law Practice: The Profitable Exit Strategy, my articles, my presentations and my hands-on consulting. The questions that I’m asked about practice sales often reflect how little even experienced lawyers know about such transactions…Read more
Rule 1.17 and the Small Firm Practitioner
When the American Bar Association modified Model Rule of Professional Conduct 1.17 in 2002 to permit the sale of part of a practice, it was called the savior of solo and small-firm practitioners…Read more
The Dimensions of Goodwill
One of the thorniest issues in selling a law practice involves the issue of goodwill and how to value it. “Goodwill” is the reputation, client base and client loyalty that have been created over the life of the practice. Every firm represents an investment of years of hard work and financial resources in growing the practice and building goodwill. Goodwill is both an accounting term and a qualitative dimension…Read more
Professional Rule of Conduct Rule 1.17
A lawyer or a law firm may sell or purchase a law practice, or an area of law practice, including good will, if the following conditions are satisfied…Read more