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Category Archives: Buying & Selling a Practice

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Selling Your Law Practice – Additional Perspective

Posted in Buying & Selling a Practice
ABA ETHICSearch just published a memorandum concerning the closing of a law practice. In addition to mentioning our book, Selling Your Law Practice: The Profitable Exit Strategy, the author cites several articles and ethics opinions that provide a broader perspective on the topic, including the ethical responsibilities of retiring lawyers and departing lawyers… Continue Reading

Testimony At Ethics Commission May Stifle Sale of Law Practice

Posted in Buying & Selling a Practice
Venice, CA FOR IMMEDIATE RELEASE Poll suggested that the revised ABA Model Rule 1.17 currently in place achieves the appropriate compromise between the lawyer’s and the client’s interests and avoids the drafting difficulties currently being examined by the Commission. This year, Illinois joined the list of states permitting the sale of a law practice. Oregon… Continue Reading

What’s in a name? Everything, it seems …

Posted in Buying & Selling a Practice
Question: Are there ethical rules pertaining to the use of “associates” and “affiliates” in a law firm name; it’s my understanding that “associates” refers to associate attorneys within the firm and “affiliates” indicates a firm which outsources or refers some of its cases to independent law firms. In the case at hand, the primary attorney… Continue Reading

Leaving a law firm?

Posted in Buying & Selling a Practice
In the process of buying a law firm, some lawyers do so in the context of leaving their present firm. There are caveats or ethical considerations, both from the perspective of morality and rules of professional conduct. See a collection of resources on the ethics side before taking the leap of faith.… Continue Reading

Not Every Purchase Is Wise

Posted in Buying & Selling a Practice
In South Africa, banking group Nedcor purchased a law firm, ostensibly for the purpose of growing its business advisory services available for customers of the bank. However, the law firm didn’t perform as expected and lost money for the bank. Now, the bank is selling the law firm back to its principals at a substantial… Continue Reading

New Opportunities for Buying and Selling Law Practices

Posted in Buying & Selling a Practice
Selling a law practice has been prohibited for decades. Times are changing! California has permitted such sales since 1989. The American Bar Association altered its opposition in 1991. Since then, other states have changed their prohibitions. The legal profession is taking one more step toward recognizing the economic realities of modern professional life.… Continue Reading