October 25, 2016

What to Expect When Selling Your Practice

Peter A. Giuliani

You have had a long and successful career as a sole owner of a law firm. Your clients have been loyal and have supported you. Your "brand" on the street is impeccable. Referrals keep coming in. You have hired great support staff and are "training up" an associate who has long-term potential. At your age, however, it is probably time to start thinking about succession and passing on your practice. Your associate is a keeper, but is not ready to assume control. Further, she and her husband have started a family and don’t have a lot of investment capital. You want to take care of your clients, your associate and your staff, but you also need to provide for your own retirement. You have always been a prudent saver and have an adequate – but not robust – nest egg. Frankly, your law practice is the most valuable asset you own.

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