July/August 2012: Buying, Selling, or Closing a Law Practice
Cover Story
The Evolving Ethics of Selling a Law PracticePrior to the adoption of ABA Model Rule 1.17 in 1990, sole practitioners had to be quite creative when selling their law practice.
features
Practice for Sale: Selling a Practice
You’ve decided to sell your law practice. Now how do you price it and find a buyer?
Practice for Sale: Buying a Practice
Structure your purchase to overcome uncertainty concerning the value and strength of the practice to be acquired.
How Much Is That Practice in the Window? Valuation of a Law Practice
Understand the psychological balance of negotiating power between the buyer and the seller of a law practice.
Technology and the Sale of a Law Practice
How do you deal with the technology of a law practice when planning a change in ownership?
How My Emergency Plan Saved My Practice
Learn how the author’s emergency plan kept his practice up and running during his recent illness.
How a Key Technology Information Form Can Save Your Practice
Filling out this simple, two-page form can mean the difference between your practice’s continued operation or its collapse should disaster strike.
Pass It On: Secrets to Succession and Transition Planning
When should a solo or small firm practitioner start planning for a transition? Now. Right now.
Last Rites for Law Practices
So you’re going to close your practice—not pass it on, not sell it, not transition it. What are your ethical obligations?
Hoarders: Cleaning Out the Client File Clutter
Follow these guidelines to protect your clients and minimize your risk.
Next Exit: Retirement
Implementing an effective exit strategy for solos and small firm lawyers can take several years.
BEST OF ABA SECTIONS
PRACTICE MANAGEMENT: Building a Better Blog
A blog can help you attract your best clients—people who can reason well and who know what they want.
TAX LAW: Pro Bono Professionals and the Earned Income Tax Credit
Many low-income taxpayers fail to claim one of the largest sources of welfare benefits in the United States. You can help.
INTERNATIONAL LAW: Intellectual Property and Outsourcing to India
As outsourcing to India increases, the protection of intellectual property becomes an even greater concern.
LABOR AND EMPLOYMENT LAW: Defining the Workday in the Modern Economy
Employers have long endured a lack of cohesive guidance as to what constitutes work under the Fair Labor Standards Act.
COLUMNS
BEING SOLO: A Paradigm Shift to Increase Your Revenues
Think you have to do all the work yourself in a solo practice? Think again.
ROAD WARRIOR: Disposing of Old Technology
What should you do with old technology when you upgrade to new equipment?
SITES FOR SORE EYES: 60 Sites from ABA TECHSHOW
The sites that the author learns about each year at ABA TECHSHOW become sites he routinely uses in his work.
MAC USER: Closing a Practice in the Post-PC World
At some point the end will come for your practice. Make sure your successor can access your data in the cloud.
PRODUCT REVIEW: WordPerfect Office X6
The latest version of WordPerfect is evolutionary rather than revolutionary. And that’s a good thing.
GIVING BACK: Pro Bono: What’s Your Excuse?
You may feel constrained by a lack of time or training, but all you need to start doing pro bono is an open mind and some creative thinking.
GP MENTOR: Inheriting a Law Practice
When inheriting a law practice, you may find there is little money to be gained and much work to be done.
READY RESOURCES: Ready Resources in Buying, Selling, or Closing a Practice
Check out these ABA books and web resources on buying, selling, or closing a practice.
THE CHAIRS’ CORNER: That Time of Year
In the 2011-2012 Bar Year, our Division provided the tools to help members meet the challenges of a down economy.
THE CHAIRS’ CORNER: Thanks for Being a Member
Learn about the exciting programs on tap for the 2012-2013 Bar Year.
GENERAL PRACTICE, SOLO AND SMALL FIRM DIVISION NEWS: Looking Forward, Looking Back
Changes to GPSolo Magazine; Bylaw Amendments Announcement; Fall Meeting Details
