Whether you want to retire or you want a change of careers, selling your law firm can be a tough and time-consuming process. There are a lot of details you need to work out and a lot of information that needs to be shared, so it’s important that you fully understand what to expect. If you are interested in selling your law firm, the following are a few tips to help you find success in the process.
Be sure of your decision.
Sometimes making the decision to sell your firm is due to a recent event instead of being what you truly want. Before you put your practice on the market, you need to make sure that you really want to sell. There are a lot of rules involved regarding selling a law firm, and you can’t just decide to reopen and poach your clients back if you change your mind. This is why it’s very important that your mind is truly made up regarding selling. If there is any doubt, you should put it off for a while until you are absolutely certain.
Create a timeline.
Chances are you’re not going to sell your practice overnight, so don’t jump the gun. Instead, you want to create a true and reasonable timeline for when the practice can be sold. Are you currently involved in a case? If so, you’ll want to wait until these cases are resolved. Do you want to give your current clients ample time to find new council? Again, you’ll need more time. Make sure you have a reasonable time frame for when you want to be completely finished. This will help you stay on track to make the best possible decisions for your firm.
Use outside expertise.
Selling your law firm is not going to be easy to do on your own. This is why it’s a good idea to seek outside professional law help. There are many experts and companies out there who specialize in helping law firms sell, so it’s important to set up a consultation or hire one of these individuals to help you do exactly what you want to do. This way, you’ll have a better idea of what to expect, and you’ll also have the professional help you need to make the right decisions.
Know the rules.
There are certain rules and guidelines for selling a law firm, so it’s extremely important that you know and follow these specifications. These will usually vary by jurisdiction, so be sure you have the right guidelines in place during review. If you don’t follow these rules appropriately, you could end up putting the sale of your firm at risk, and this is not something you want to do.
Selling your law firm is a big decision, and it’s one that you need to truly think about before doing. If you follow these tips, you’ll have a better overall selling experience.