Toronto Lawyer Alan Litwack recently spoke to Canadian Lawyer for their article “Planning for a Sale” (3/7/16), discussing the pros and cons that someone should consider before selling their sole practitioner practice to a larger law firm.
He advises anyone selling a practice to get in gear well in advance. “If you wait until you retire, it’s too late,” he says. He goes on to say that the outright cash purchase of a firm is rare. It is more usual to see a gradual buyout based on an earn-out, which often sees the parting lawyer bowing out over time. That allows clients to get used to the new arrangement and transition to another lawyer.
To learn more about what Mr. Litwack says about selling your practice, please read the complete article
here.