A recent law firm sale process has got us thinking about an issue that comes up quite regularly when it comes to selling a law firm, which is that very often a lot of the business coming into a firm for sale is flowing through and sourced by the person selling the practice. A practice might have a senior partner, two or three consultants, junior fee earners and support staff. The owner will probably do the vast majority of the work but also it is likely he/she will also be the person who doesn’t want to carry on working once the sale has gone through. Sellers tend to expect a lump sum to be paid for the practice upfront and for themselves to leave and stop working within a period of a maximum of six to nine months. Buyers on the other hand instantly see things differently. Feedback after some initial meetings can be that as far as they can see all the value is in the seller and there is very little else up for sale. The buyer cannot understand why a £400,000 turnover practice is for sa...
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.