Should I Close My Solicitors' Firm or Sell It? Balancing the Advantages and Disadvantages Deciding the future of your solicitors' firm is a significant decision that requires careful consideration. Whether you're contemplating closing your practice or selling it as a going concern, each option presents unique advantages and disadvantages. We always advise on speaking with us first to discuss, because it has to be said that a) most law firms have a value and b) most law firms are capable of being sold regardless of their structure (sole practitioner, LLP, limited company, ABS), location and size. Closing a Solicitors' Firm: Advantages and Disadvantages Advantages: Complete Control Over the Process: Closing your firm allows you to manage the wind-down process, ensuring all obligations are met without external influence. Simplified Regulatory Compliance: By closing, you eliminate ongoing regulatory responsibilities, such as compliance with the Solicitors Regulat...
Award winning blog with 100s of articles on the legal profession, legal recruitment and legal job markets by Jonathan Fagan, MD of Ten-Percent Legal Recruitment, recruitment consultants based in the UK providing a full range of services for solicitors.