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 and/or transfer of cases; contact other lawyers about accepting cases 


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