Selling a Law Practice
Assessing a Law Practice
Valuation: The first step in a Law Practice Sale is assessing the value of the law practice to be sold. Ms. Geiger is an expert in identifying factors important to buyers, such as, practice location, file type, staffing and financial background.
Ms. Geiger will prepare a valuation with careful input from you and your bookkeeper or accountant. She has developed an expertise in law practice valuation and can provide you with a frame of reference for the sale. Three to five years of financial statements are necessary to do a proper valuation.
Prospectus: Ms. Geiger will prepare a Prospectus with input from the selling lawyer. Answers to a standard Questionnaire will be required, as well as information on any additional characteristics of the practice which make it unique.
The process of attracting candidates starts almost immediately. Through her database of prospective purchasers and ongoing advertising Ms. Geiger will provide you with a pool of qualified individuals capable of taking over your practice.
You need to be dedicated to a proper transition. Continuation of client loyalty is paramount to the successful sale of your Law Practice. Your continued involvement familiarizing the purchaser with your office procedures, staff and clientele is essential.
Initial candidate interviews are conducted by phone. Candidates with the required qualifications are identified and subsequently interviewed at length by Ms. Geiger. Her expertise in interviewing lawyers, developed through years of recruiting experience and her 15 year litigation background, allows her to easily assess a potential buyer's education, practice experience, personality, financial qualifications and potential "fit" to you, your practice and your clients - perhaps the most important element of all as client retention is the key issue in a successful sale.
All interviews, meetings, phone calls and information transmittal between candidates and the seller are facilitated by Ms. Geiger. This service continues as needed. Generally, at some point, the purchaser and seller feel sufficiently comfortable with one another to continue negotiations on their own. At this point, Ms. Geiger will remain available to help the seller examine the candidate's attributes, check references, suggest creative ways of attaining a mutually agreeable sale price and terms, and to relay information or questions between buyer and seller as requested by either.
Ms. Geiger no longer practices law and does not draft any of the sale documentation (Letter of Intent, Buy-Sell etc.) As both parties to the sale are lawyers, it is advised and expected that you will obtain expert accounting advice. You should have your own accountant or other expert advise you on any tax implications of a sale. The parties are responsible for the exact terms of sale.
You are advised to conduct a credit check or obtain adequate collateral or guarantees when entering into a sale agreement.
"A lawyer who acts for himself has a fool for a client" is an adage that remains true. You should retain a third party solicitor to help you document any agreement. Ms. Geiger can refer you to several lawyers with expertise in buy-sells of professional corporations/practices.
A law practice sale can go very quickly or take time to come to fruition; however, there is no time limit on Ms. Geiger's services. She will continue to work with you for as long as is required to complete the sale.
Finally, Ms. Geiger follows up with both parties on a regular basis after the sale.
For more information on her services and fees, click here to contact Ms. Geiger directly.