LawBiz® Legal Pad: Selling Your Practice
Will you be one of the 400,000 lawyers retiring in the next 10 years? Today, Ed discusses what can be done when it’s time to move on.
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Will you be one of the 400,000 lawyers retiring in the next 10 years? Today, Ed discusses what can be done when it’s time to move on.
I have been getting more calls from lawyers wanting to retire, wanting to sell their law practices. As a result, I started writing a new book. I just finished Life After Law: What Will You Do With the Rest of Your Life? It is being edited now and will be available for sale in October.
As a result, I’ve been giving a lot of thought to the definition of Goodwill, the primary asset a lawyer has to sell. And though it is not consistent with the accounting profession’s definition, I have come upon a new definition that I believe is more meaningful to the average lawyer, whether buying or selling:
Goodwill can be defined as legacy … it’s your legacy that you’re passing along to others … It’s your reputation, your phone number, your system and way of doing business, all the intangible elements that made you successful and provides you, the selling lawyer, with what to sell … The better is your reputation, the more value your law practice will have.
Ed weighs the costs and benefits of writing books, articles, blogs, etc.