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 be time to do so. Attorneys have been buying law practices, whether internal transfer (partner to associate) or external (firm acquisitions and mergers) for years, but the marketplace is continuing to build with more sellers looking to exit their practices for value and more attorneys considering the buying of a practice as a way to grow and solidify revenues in a constantly more demanding legal marketplace.
Buying a law practice is probably one of the biggest decisions an attorney may make in his or his career. As a result, it is important to make sure the right information is gathered and the proper advisors are consulted before taking that leap.
If you are moving in that direction of buying a law practice consider these rewards and risks as part of your evaluation:
-Sense of Accomplishment
-Proven Practice Model
-Acquire Trained Employees
-Improved Systems and Process
-Failed Client Transition Plan
-Management and Legal Time Capacity for Increased Workload
The Law Practice Exchange aims to curb the lack of knowledge in the profession on law practice transitions by educating and advising attorneys on the number of different options available in the legal marketplace and also serving as a confidential broker and advisor to seek and provide connections for those right opportunities between an exiting attorney and a growth-focused attorney or firm. Find out more at www.TheLawPracticeExchange.com. © 2015 The Law Practice Exchange, LLC. Reproduction in whole or in part is strictly prohibited.
The information and advice provided in this publication is general guidance and is not necessarily specific to your individual situation, objectives or other needs. Make sure you seek a qualified expert opinion before proceeding with your transition objectives.