How it Works

How It Works

9 Steps To A Successful Transition

Our process is designed to help our sellers receive the most value for their practice and to help our buyers find the perfect match to grow their own business. Below are the general steps that we walk our buyers and sellers through every step of the way. If you have any questions or comments about our process, please feel free to contact us!

1. Review Your Objectives

-Understand your ethical responsibilities

□ Review NC RPC Rule 1.17 – Sale of Law Practice

-Research the local legal marketplace

□ How many attorneys are in the geographic location?
□ How many focus in the same practice areas?
□ Is the population growing?

-Conduct your own personal research and become familiar with the options available to you

-Assess your financial situation to determine your potential purchase price

2. Put The Right Advisory Team In Place

-Engage with the following advisors:

□ LPE Brokers & Law Firm Management Consultants
□ Accountants
□ Valuation Experts
□ Marketing Consultants
□ Executive Search Consultants
□ Lawyers

3. Practice Profile & Discovery

-Determine your ideal business profile, either for the buyer or the seller. Consider:

□ Areas of Practice
□ Number of Attorneys
□ Personnel
□ Legal Structure
□ Geographic Location
□ Population
□ Client Base

-Sign Nondisclosure Agreement- confidentiality is key!

4. Valuation

Valuation & Financing

– We will bring in a valuation expert to assist with determining the price you are willing to buy/sell for. The value of your firm is not just based on numbers but also your practice’s goodwill.

– Items that are considered include:

□ Historical financial performance and growth
□ Reasonable expectations of future revenue
□ Likelihood and extent of repeat clients
□ Geographic location of the practice
□ Saturation of practice areas in local and regional marketplace

– Items that may indicate increased value include:

□ Regular repeat business
□ Well known phone number for transactional business
□ Location (proximity to courthouse)
□ Firms that maintain ongoing pricing platforms and focus on continued client relationships

5. Confidential Listing & Marketing

Buyers

-Once you have determined your specific needs, the LPE will aggressively utilize all of our resources to pull together a list of potential sellers that fit your criteria.

Sellers:

– We will put together your listing and once we receive your approval, we will post it on all major networks. Some of the details will include:

□ Location
□ Practice Areas
□ Purchase Price
□ How long the post will be listed
□ When we will list it

– We will market your business to attract potential buyers and perform due diligence accordingly

6. Strategic Search and Pre-Qualification

7. Buyer-Seller Match

– Introduce buyer & seller to discuss goals & concerns

– Review and implement an Offer Package. This package will include:

□ Selling firm’s profile
□ Seller’s confidential listing
□ Non Disclosure Agreement
□ Detailed offering memo

8. Closing Through Merger

The Closing

– Payment and commission is collected.
– A notice is sent to the Seller’s existing clients

9. Post-Closing & Transition

– Seller continues to serve Of-Counsel, typically for a year or longer
– Notifies service providers, vendors and suppliers

If you are interested in how The Law Practice Exchange may be able to assist you or you just want to know more about us, our process or services offered then ​feel free to send us an email at info@TheLawPracticeExchange.com, call us at (919) 789-1931 or complete the web form below and we will reach out to have a confidential and no commitment conversation. Thank you.

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