Close, sell or merge: what are your options as a law firm owner?

What to do with your law firm as you plan for your longer-term career and life is a key question: whether or not you intend to merge and join another practice; sell the firm to either retire or become a consultant; or close the firm because you no longer wish to operate it, whether through financial or personal constraints.  These are difficult issues to consider for all law firm owners and planning five, 10 or even 15 years from the decisions that you may want to make can help give you options.

In this webinar we will focus on the following areas:

• What are the basics of the three options.
• When closing a law firm what do you need to consider:
  • What do the SRA Rules say?
  • What is the expectations of your professional indemnity insurers?
  • What are the practical implications in terms of data records and clients?
• Should you sell your practice?
  • Why selling and joining a firm can make sense?
  • Why selling and closing the residual firm can make sense?
  • Appointing a selling agent?
  • Valuation options.
• Should you merge?
  • Do mergers really exist or is an acquisition?
  • How to identify merger partner options.
  • What should you consider to be a red flag warning sign?
• Which of these options might be right for you and how you can analyse this yourself!