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2-for-1 Download on the Purchase and Sale of a Law Practice!
Chapter 53 Purchase or Sale of a Solo Practice: The Financial Issues - Today, lawyers selling their practices can quickly link up with potential buyers and complete an economic transaction that benefits both parties. Unlike earlier times, lawyers selling their practices can finally take something with them in return for all the years of effort spent building a valued reputation and delivering high-quality legal services. The key question for both purchasers and sellers is: What is the value of a law practice?
This chapter discusses the keys financial issues involved with the sale of a law practice. You'll learn about the three basic methods for valuing a law practice, and see that there is a wide variety of third-party experts that can help in the sale of a law practice. Author Edward Poll also outlines the best way to evaluate and select a negotiator for your transaction. Also included in this chapter is a glossary of selected terms of valuation.
This Download Also Includes This Chapter:
Chapter 54 Purchase or Sale of a Solo Practice- The Ethical Issues - Having decided to sell or buy a solo practitioner's practice, what are some of the ethical issues that should be considered when negotiating price and terms? This chapter examines the key ethical facets that can affect a firm's value, including good will, client communications, client interests, client confidences, and client files and funds. After examining the ethical issues, the author then explains how to place a value on a practice and set a purchase price.
The selling of a law practice may be the culmination of lifetime of work--make sure you get it right with these two downloads--two for the price of one!
Buy the Book! This chapter is one of fifty-seven power-packed chapters found in the book, Flying Solo: A Survival Guide for the Solo and Small Firm Lawyer, Fourth Edition. For more information on purchasing the book, visit: