Selling Law Firms
Law firm transitions can be accomplished through closure or sale. Causes include bankruptcy, death, disability, disagreements, and retirement. Regardless of cause, transitions are a complicated process that requires careful planning. Below are transition tips followed by resources for implementing them. Contact your local bar association for help from its management advisory service. Tips Closing - Close bank, escrow, and other financial accounts Communicating - Notify bar associations, clients, colleagues, insurers, and employees Billing - Establish procedure for billing work in progress and transferring cases Filing - Establish retention periods for retaining files Insuring - continue malpractice insurance coverage Liquidating - prepare a list of assets/liabilities and plan for liquidating them Planning - Prepare a detailed plan that sets a closing date assigns responsibility Winding Down - suspend marketing and stop accepting new cases Terminating - negotiate termination