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Succession Planning: Selling your legal practice

We are delighted to be presenting at the Mornington Peninsula Lawyers’ Association meeting this Thursday 27 August, where we will be speaking about succession planning and selling your legal practice. Over the next few weeks we will provide you with useful information...

Succession Planning Part 4: Is your firm ready for sale?

Preparation is key to successfully selling your law firm on good terms. You can only sell your law firm once, and so, it is worth investing the time to make sure your firm is sale-ready to maximise your result. Outlined below are some tips to help you get your...

Succession Planning Part 3: What are purchasers looking for?

If you are looking to prepare your legal practice for sale, we have outlined below some common things that purchasers look for when purchasing an established legal practice: Consistent or increasing revenue and profitability for the last three years. Purchasers will...

Succession Planning Part 2: Who are my buyers?

We are commonly asked by our clients looking to exit their legal practice “who are my buyers?” We have found that currently purchasers are typically falling into 1 of the following 4 categories: 1. An established local firm – These purchasers are looking...

Succession Planning Part 1: What are my options to exit?

We are commonly asked by our clients looking to exit their legal practice “what are my options to exit?” There are 4 main options to exiting your legal practice.  They are: 1. Merge your firm with another firm. 2. Sell your share to existing Partners or...