Selling Your Law Practice
Category: The Law Office of Ross W. Albers
November 8, 2017
The lawyer joke goes: Lawyers don’t retire, they die. Perhaps, you can retire and earn a payout for the law firm you successfully built. Have you ever thought about selling your law practice?
How to sell your law practice
While selling a business is not new, selling a law firm, especially a solo practice, is a different and new retirement strategy for attorneys looking to secure a financial future. Many retiring attorneys just close up shop and don’t think about selling their practice. However, there are many young attorneys and firms looking to acquire and/or merge with older attorneys.
The Law Office of Ross W. Albers is one of those firms looking to buy legal practices.
Just like planning for retirement by saving money, you should also have a plan for how you might sell your law firm and continue to earn income. There are many ways to sell your law firm, but the most common ways are by a buyout or payout.
A buyout is where you sell your law firm outright to another legal practice. This provides you with an immediate cash payment, a lump sum.
Under this option, you receive a compensation package over time. You receive a percentage of the revenue your firm brings in overtime until eventually, your payout ends.
Contact our office today to discuss selling your law firm
Once you decide to sell your law firm, the next step is to determine your firm’s value.
You can sell your law firm, retire, and create a stream of future income. Just like an estate plan, don’t put off thinking about selling your practice and transitioning into retirement. Now is the time to start thinking about selling the practice you worked so hard to create.
There are firms like the Law Office of Ross W. Albers that are buyers. If you are interested in selling or merging your law practice, then contact the Law Office of Ross W. Albers today. Email Ross W. Albers at firstname.lastname@example.org.
Our firm is pursuing growth via mergers and acquisitions. From attorneys looking to retire to solo practitioners wanting to join an established team, contact our office today to schedule a meeting.