Selling Your Law Practice: The Profitable Exit Strategy

By Edward Poll

(7x9", 412 pages soft cover, ISBN: 0-9654948-4-5, Published by LawBiz® Management Co., 2005)

Get Top Dollar for Your Law Practice

You will discover how to:

  • Determine the value of your practice
  • Set your sale price
  • Evaluate and describe your practice's unique characteristics
  • Negotiate the sale more effectively
  • Anticipate transition issues
  • Review state's Rules of Professional Conduct for selling a practice

The CD contains the sample contracts, forms, and financial worksheets from the book in Word and Excel so that the reader/user can reproduce and modify them for your personal circumstances. You don't have to recreate or re-type them. The Excel spreadsheets contain the arithmetic formulae built in where appropriate.

Book & CD: $489.00

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"Whatever the reason, this essential guide will guide you in every aspect of selling your practice for top dollar. Read more..."

– Alan R. Nye Law Offices

1: The Essentials Of Selling A Law Practice
1. Introduction: Can You Sell Your Law Practice?
1.1. How's The Playing Field For Transferring Ownership?
1.2. A Look At The Logic That Led To The Rule Change
1.3. About This Book: Learn The How-Tos Of Selling (Or Closing If You Must)
1.4. First, Determine If Your Jurisdiction Permits A Sale

2. Caveats and Ethics Issues: Stop, Look, and Listen
2.1. Be Aware of the Prospects and Pitfalls
2.2. Salability
2.3. Seller Psychology
2.4. Have a Timeline
2.5. Appraisal Figure vs. Sale Price
2.6. Don't Be Your Own Negotiator
2.7. Selling the Entire Law Firm
2.8. Related Ethics Considerations
2.9. Cover All the Bases: Consult the Rules in Full

3. A Glossary of Terms
3.1. What's in a Word?
3.2. Appraisal and Financial Terminology

4. Obtaining a Professional's Opinion of the Value
4.1. Hire a Valuation Expert
4.2. What Data Will You Need to Provide?
4.3. Learn What's Involved in the Valuation Process
4.4. A Snapshot of Valuation Methods

5. Engaging in the How-Tos: Valuation Methods in Depth
5.1. Take a Closer Look at the Landscape
5.2. Fair Market Value
5.3. Rule-of-Thumb Method
5.4. Price/Earnings Ratio
5.5. Excess Earnings
5.6. Discounted Future Cash Flow
5.7. Put Your Expert's Figure to Use

6. Spread the Word: Letting Buyers, Employees, and Clients Know about the Sale
6.1. Think about the Timing of Communications
6.2. How to Advertise the Sale to Prospective Buyers
6.3. Confidential Information Memorandum
6.4. How to Break the News to Employees
6.5. Make Deals with Employees You Need
6.6. Part on Good Terms with Staff Members
6.7. Notify Clients According to the Rules

7. Find a Qualified Buyer and Prepare to Negotiate
7.1. Who Wants to Buy a Law Practice?
7.2. Vet the Candidates: Due Diligence on Prospective Buyers
7.3. Check for Confl icts of Interest in Advance
7.4. Prepare to Move in with the Right Mind-Set

8. Time to Sit Down at the Table: The N Negotiation Process
8.1. “How Much Will I Get for My Practice?”
8.2. Who Should Do the Negotiating?
8.3. Cover These Essential Negotiating Points
8.4. Should You Use a Covenant Not to Compete?
8.5. Think about Errors and Omissions: Tail Insurance Policies
8.6. Settle on the Payment Terms
8.7. The Ticking-Clock Factor: Wrap It Up

9. Don't Forget Uncle Sam: Tax Aspects of a Practice's Sale
9.1. What Does the Sale Mean for Your Tax Obligations?
9.2. Tax Treatment of the Furniture, Fixtures, and Equipment Being Conveyed
9.3. Tax Treatment of Goodwill and Going-Concern Value
9.4. Tax Treatment of Client Lists
9.5. Tax Treatment of a Sale of a Professional Corporation

10. Transition Issues: A Checklist for the Selling Attorney
Transition Issues on the Ethics Side of the Practice
Transition Issues on the Business Side of the Practice

11. How to Close Your Law Practice: Tying Up the Ends
11.1. When You Are Unable to Sell
11.2. Do-It-Yourself Retirement
11.3. Build Your Timeline
11.4. Communicate the News
11.5. Will They Stay or Will They Go? Ending Relationships with Employees
11.6. Other Ethics and Business Responsibilities in Closing the Practice
11.7. Moving Your Property Out of the Office
11.8. Reduce the Bumps in the Road and Have a Safe Journey




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