Law Firm Management

Edward Poll Expert in Legal Management Consulting, Attorney Consultant, Law Practice Management, and More

The profitable exit strategy: optimize the value of your practice when you sell.

Buying and Selling a Law Practice

Don't make the mistake that so many lawyers do when the time comes to close their law practice. You've spent years developing your law firm and you shouldn't throw away your biggest asset: your practice itself. That's right - your law firm is worth more than the books, computers, furniture and accounts receivable. Your client files and goodwill also have value and more than 40 states now recognize this as true.

Does one of these situations describe you?

  • Retirement from law
  • Appointed to be a judge
  • Relocating to new city
  • Changing your profession

If so, you may be able to sell your law practice. The same valuation principles apply in the event of your death. Rather than leave your surviving spouse to "mop up," you can pass on the value of your practice to your estate.

Larger law firms are accustomed to selling law practices, but they call it a "merger," "retirement" or "breakup." Thanks to changes in the ethics rules over the last 10 years, lawyers in smaller firms now can get full value for their practices too. Edward Poll can turn your years of effort into real money.

Start by retaining Ed to value your practice. Ed can recognize whether a law firm has the right volume of revenue, or that certain client base, that will attract the right buying attorney. Ed will put a value on your practice by referring to financial data and market place guidelines. In the next step, Ed will develop a prospectus or brochure to help your sale come true. He knows how to find the lawyers and new graduates who are looking to take over an ongoing practice. Ed will also advise you on your negotiating strategy so you get the best deal. He practiced law for many years and will assure that you comply with the Rules of Professional Conduct that govern the transfer of your practice. Once the sale is complete, Ed will help integrate the merged practices so that they act like one cohesive business.

For More Information, Read Ed's Article:

New Opportunities for Buying and Selling Law Practices.

You can teach yourself how to value a law practice with Ed's specific tips in his Tool Kit for Buying or Selling a Law Practice. Or you can call Ed Poll today to get the value of your years of law practice.

» Click here to see a list of practices for sale

Lawyer Gets "Wealth of Knowledge"

Ed Poll recently assisted me in valuing and restructuring my law practice. I had built what I thought to be a sound business in my solo professional practice, and wanted above all to maintain what had been built for the sake of staff and clients, but yet remove myself from active practice management. Ed was instrumental in assisting me to create, negotiate and document a transaction that implemented my intended result and that will pay me handsomely for what I have built.

During the entire period of working through to this result, Ed worked to clearly understand my goals, and assisted me in creating a structure into which they could manifest, considering my specific situation. He listened to what was important to me, and brought a wealth of knowledge and experience with operating, buying and selling businesses, to the activities needed to complete my project in a manner that was meaningful to me.

Ed is fair, kind and forthright, is very professional and was a very enjoyable person with whom to work. I would highly recommend the services of Ed Poll to anyone in need of assistance with understanding their business, improving its operations or valuing it for sale or transition to some other operational format.
DMG, R.N., J.D. Austin, TX

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