One can argue whether sole practitioners have advantages over law firms. Many would argue that they do. There is, however, one area in which many law firms have a clear advantage—succession. Almost all law firms have some sort of mechanism to address what happens when one lawyer wants to (or must) leave the firm. Sole practitioners are much less likely to have plans in place for this eventuality. This article will discuss some of the considerations for lawyers who want to sell a practice (either immediately or at a future time).
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