Top 10 Practice Exit Planning Mistakes
If you are considering exiting your law practice in the next few years make sure to plan ahead and avoid these costly mistakes. 1. Failing to Consider All Your Options – […]Read More
The Financials of a Law Practice Value Determination Explained
Many – not all, but many – deals turn on the purchase price. The rest can typically be worked out if the purchase price is agreed upon. Obtaining an accurate […]Read More
‘I’m Thinking of a Number Between 1 and…’ What’s Your Law Practice’s Valuation Number?
Every Law Practice Has A Quantifiable And Marketable Value Of Its Own As seen in Lawyers Mutual: Put Into Practice August 2015 Issue My law practice has value? Seriously? Seriously. […]Read More
5 Things to Consider Before Buying a Law Practice
5 Things to Consider Before Buying a Law Practice If you have been considering the benefits of buying a law practice in order to expand or grow your client base, […]Read More
Can You Really Buy or Sell a Law Practice?
Can You Really Buy or Sell a Law Practice? Have you ever thought about your exit plan from your practice? Retirement, family demands, a new career, or some other career […]Read More
Estate Planning for the Small Firm Partner or Solo Practitioner
Time to Plan! Estate Planning for the Small Firm Partner or Solo Practitioner The fundamental principal of estate planning is to anticipate and prepare for the major life events, particularly, […]Read More
LPE Approved As A BBP Industry Expert
The Law Practice Exchange, LLC is pleased to announce that we have been approaved as a BBP Industry Expert for the industry of Law Practices/Legal! We will be included in […]Read More
4 Key Considerations to Buying a Law Practice
Where to start? If you are considering buying an existing law practice or buying out a retiring partner in your own practice, here are some key items to consider: 1. […]Read More
3 Simple Questions to Ask Before Any Law Practice Purchase
When deciding whether to purchase a law practice, either for you as an individual or for your firm, always ask the question, “Is this part of the strategic plan?” A strategic acquisition always makes […]Read More
Don’t Have a Succession Plan? Consider Selling.
Why Selling Your Law Practice May Be The Key To A Successful Succession Plan An attorney unexpectedly passed away at an early age. What’s next? What happens to his or […]Read More
The Time To Sell Is Now!
Are You Hoping to Sell Your Law Practice? The Time To Sell Is Now! It is estimated that over 50% of law practice owners are from the Baby Boomer generation. […]Read More
Financial Questions You Need To Answer Before Leaving Your Law Practice
Financial Questions You Need To Answer Before Leaving Your Law Practice You have spent your entire career building a great law practice. It’s now time for you to start thinking […]Read More
Want to Sell Your Law Practice? Waiting Too Long Can Be Costly.
Recently, I had a meeting with an attorney who had a great litigation practice. Over the last 30 plus years, he had worked hard, done the right things and built a […]Read More
Excuses Attorneys Use to Avoid Exit Planning
Like every person and business owner, you will one day exit your law practice. That day doesn’t have to be today, but whether voluntarily through transition and retirement or involuntarily […]Read More
ARE YOU PREPARED FOR THE FUTURE?
As attorneys, we are called on from time to time to advise and advocate for clients’ needs while also anticipating items they may not be thinking about on the road ahead […]Read More
Rewards and Risks of Buying a Law Practice
Buying a law practice isn’t something that is commonly discussed, but if you haven’t considered the financial and professional opportunities that may come with purchasing a law practice it may […]Read More
Acquiring a Law Firm May Be Smarter Than Starting From Scratch
Purchasing an existing law firm may be ideal if you are looking to grow your existing practice or law firm or if you are an in-house or a lateral looking […]Read More
Looking for Law Firm Growth? Consider Buying a Law Practice.
Purchasing an existing law firm may be ideal if you are looking to grow your existing practice or law firm, or if you are an in-house or a lateral looking […]Read More
Taking Control of Your Professional Retirement
Taking Control of Your Professional Retirement. As lawyers, we like planning ahead of time. It allows us to try and control how things will go for our clients and get […]Read More
Should I Buy or Start a Law Practice?
Law Practice Startup or Acquisition? Attorneys today are looking at more options for practice growth and expansion than ever before. Due to continually increasing challenges in the legal profession and […]Read More
What Does Buying a Law Firm Mean?
What does buying a law practice really mean? The marketplace for selling and buying a law practice is still young as compared to some of the other professional business marketplaces […]Read More
7 Factors That Affect Your Law Firm Value
7 Factors That Affect Your Law Firm Value. If you have read up or experienced the valuation process you already know that there are factors that affect your law firm […]Read More
Transition or Exit from Your Law Practice?
Considering a Transition or Exit from Your Law Practice? Prepare and Proceed With the Right Team in Place A law practice is a complex business with many differing and dissimilar […]Read More
Your Law Practice Has Value Upon Exit
Every Law Practice Has A Quantifiable And Marketable Value. Like any other business, each law practice has a different and marketable value of its own. You have built and managed […]Read More
3 Questions to Ask Employees
The 3 Questions to Ask Employees During a Law Practice Ownership Transition. The foundation of a good transition plan is open communication. Start by meeting with each of the employees […]Read More
Four (4) Law Practice Deal Roadblocks to Avoid
During a law practice deal, there are four deal roadblocks to avoid. 1. Financials –If you are a practice owner and don’t have financials that are in good form and […]Read More
Handling Client Transition When Selling
Practically speaking, handling client transition when selling includes and means selling and transferring your clients. There are several things to do and considerations to take into account. Here is a list […]Read More
How to Break ‘THE’ Big News
How to Break ‘THE’ Big News About the changes in Your Law Practice? If you are considering selling or another exit from your law practice keeping it quiet is the key. […]Read More
Taking The Fear Out of The ‘R’ Word
Dear Lawyers, It’s Time to Take The Fear Out of The ‘R’ Word. There are so many reasons that some attorneys approaching retirement decide to postpone any decision. Instead, focus […]Read More
The Feared 10 Letter Word for Lawyers: Retirement
The Feared 10 Letter Word: Retirement. Tips to Ease The Lawyer Retirement Transition. The day is drawing near, and you are preparing to be a retired attorney. You may have […]Read More
Things to Remember When Selling
Specific Things to Remember When Selling Your Law Practice. While many different considerations are leading up, during, and after the sale process, here are a few to which you should […]Read More
Law Practice Sale Tips
Law Practice Sale Tips: Check the Checklist off the Checklist. As most (probably all) legal practitioners know, a good checklist is a lifesaver when it comes to completing legal matters. […]Read More
Six Steps to Prepare Your Practice for Sale
Six Steps to Prepare Your Practice for Sale So you’re ready to sell your law practice. That’s great! Selling your law practice can be an excellent way to realize the […]Read More
The Benefits of Using a Broker in Selling a Law Practice
The Benefits of Using a Broker in Selling a Law Practice Regarding the sale of a law practice, it is reasonable to say that there is a distinct lack of […]Read More
Succession Planning For A Law Firm
Law Practice Succession Planning – Set Your Goals and Take The First Step. The reality is that every lawyer at some point in time needs a plan for when he […]Read More
Taxes and Fees When Selling a Law Firm
What You Need to Know About Taxes and Fees When Selling A Law Practice. Not every lawyer lives in the world of business sales and transitions and even fewer have […]Read More
5 Ways You Can Exit Your Law Practice
5 Ways You Can Sell Your Law Practice. So you’ve decided to plan for exit and sale of your law practice? Congratulations! Great first step. Now what? Now, you must […]Read More
Eight Key Considerations in a Law Practice Transition Agreement
Eight Key Considerations in a Law Practice Sale Agreement. While many different considerations are leading up, during, and after the sale process, here are a few to which you should […]Read More
Thinking of Selling Your Law Practice? Should You Consider an Internal Sale First?
Thinking of Exiting Your Law Practice? Should You Consider an Internal Sale First? If you are one of the law practice owners who is looking at setting plans for retiring […]Read More
What Does ‘Selling’ A Law Practice Really Mean?
What Does ‘Selling’ A Law Practice Really Mean? Different ideas come to the minds of attorneys when they hear ‘selling a law practice’. Some think of just the sale of […]Read More
Have You Saved Enough To Exit Your Law Practice?
Have You Saved Enough To Exit Your Law Practice? Most attorneys made their law practices their largest source of income for them and their families. The dependency on that income […]Read More
How To Sell Your Law Firm: An Overview
When you have worked at your law practice for many years, weariness often starts to creep in and manifest itself in many ways. For some attorneys, this is a sign […]Read More
Five Pitfalls To Avoid With A Law Firm Succession Plan
According to a recent American Bar Association report, over 65% of law firm partners will retire in the next eight years. Baby boomers, who have dominated law firm management for […]Read More