This is a summary of the buyer terms. The full terms you must agree to are available at https://thelawpracticeexchange.com/buying-a-law-firm/buyer-terms/
BUYER SUCCESS FEE
LPE’s Buyer Success Fee Explained
LPE not only serves as a broker and/or consultant to lawyers looking to sell their law practices or find continuation or succession partners, but also is focused on growing the overall marketplace for buying and selling law firms through providing law firm listing and other sale or relationship opportunities to potential buyers. As a finder’s fee for presenting such opportunities and to allow LPE to continue to build the overall size of the marketplace a Buyer Success Fee is charged to any party who successfully completes a relationship with a listing or other opportunity provided to Buyer from the LPE website, database or otherwise communicated.
How Does The Buyer Success Fee Work?
There is no initial fee to register as a Buyer with LPE.
A Buyer Success Fee of 2.5% of the transaction value is due to LPE in the event you successfully close a transaction or relationship with any seller or listing provided to you through LPE’s website or other communications.
The Buyer Success Fee is only due and payable upon a final and mutual agreeable relationship or transaction being achieved between you and any Seller and only applies to those opportunities you learn about through the LPE platform and communications.
If you don’t close any opportunity with LPE sellers or through opportunities presented to you by LPE then no fee is payable.
When Would a Fee Be Payable to LPE?
The Buyer Success Fee is only payable if you complete and finalize a business relationship with an attorney, law firm or the lawyers within the firm. It is payable at the commencement of that business relationship or is paid overtime.
When Is a Fee Not Payable To LPE?
If you don’t complete any business relationship or never pursue any opportunity then no fee is due – it only becomes payable upon achievement of that business relationship with a party introduced by the LPE platform or team to you. The Buyer Success Fee only applies to opportunities learned about or presented to you directly by LPE, its website or through communications with its team. If you already know of a certain opportunity or had previous conversations with such party about a business relationship then upon demonstrating such no Buyer Success Fee is due.
BUYER CONFIDENTIALITY & NON-DISCLOSURE AGREEMENT (NDA)
Keeping the identity of the selling lawyers and law firms protected from public disclosure is an important aspect of the selling and buying process. Keeping the firm’s identity, the firm’s or ownership’s desire to sell and that any discussions may be occurring help keep operations of the firm from being disrupted or damaged which preserves the overall value of that firm until a deal has been reach and an agreed upon announcement can be made.
As part of this confidentiality please note that we are asking you:
- To not disclose the firm, its interest in selling, retiring or other reason for sale to anyone except your confidential advisors or those that have also signed an NDA.
- To only communicate through The Law Practice Exchange and not call or contact the seller or the seller’s law firm directly unless specifically given approval by The Law Practice Exchange or the seller.
- To do your best to secure any information shared with you in order to keep it confidential and protected.