You may have heard me talk about the 400,000 lawyers who will be retiring from the practice of law in the next 10 years. When the financial crisis first hit, I began to doubt that we will face so many retirements. But, my phone continues to ring with people wanting to know how to sell their practice, how to value it (a requirement before selling) and then how to transition into the "second season" of their life. Thus, there must still be a market …
I still battle lawyers who are surprised to learn that they have anything of value to sell. But, yes Joe, "there is goodwill in them thar hills."
So, one night when I couldn’t sleep, I came up with an idea … and I need your help to test out the idea, to know whether to go forward. The following is the outline of the concept. Much is yet to be added to it if we go forward. But, I want your ideas and your expression of interest to confirm my belief that this is a viable concept.
Idea: My web site, devoted exclusively to a community of lawyers interested in buying, selling or merging their law practice. Each lawyer would be entitled to create and post a listing describing the nature of his / her practice that is available for sale, or the nature of the practice desired to purchase or with which to merge.
There would also be a discussion "board" that I would monitor and participate in … giving suggestions and commentary as I think appropriate. And I would post articles and other resources, including portions of my books and audio materials, for the further education and assistance of the members of this community.
In effect, this would be a multiple listing service … better than a listing like Craig’s List because of the substantive content and focus by and for lawyers … The monthly fee would be modest and would continue automatically on a credit card only so long as you wanted to continue to participate. Termination is at your discretion.
I would be available to help on an individual basis such as reviewing the description of the practice, etc. … My services in this field such as valuation and consulting to sell a practice would be available but not to be considered as part of the low monthly rate offered to the community … They would be negotiated separately, though at a reduced fee to any member of the community.
Please respond by email (email@example.com) with your thoughts on this … Thank you for your help and guidance.