Selling a Law firm
Are you considering selling a law firm and are either looking to instruct a marketing business to act on your behalf or are simply musing through the different aspects...
Firstly, it's worth noting that there are in excess of 10,000 law firms in the UK (the majority with 4 partners or less) and the perceived wisdom is that the next 10 years will see a thinning out as firms consolidate to protect themselves against the future.
If you are thinking about selling your firm a potential purchaser will most likely be attracted too;
A lawyer who has a sound understanding of his business (this may sound obvious).
That the firm exercises good business planning & has specific growth projections.
The firm is able to offer monthly management accounts.
Buyers will be more attracted to an established Company rather than a Partnership.
That the firm lives within it's means.
It's worth noting that an acquirer may want to relocate the business, hence owning the property may not be the golden goose.
And as a final comment you should bare in mind that any potential buyer may well like the idea that you can easily be removed from the business. The logic being that if the business can stand alone, it will have a higher value.
In the first instance please call 0845 603 0708 to discuss selling your law firm.
Legal Brokers Ltd
Selling Law Firms
Providing a range of different services we are a multi-faceted business that can assist with online marketing, organic Search Engine Optimisation, Pay Per Click advertising, Legal Recruitment, Property Searches, White Label Conveyancing, Franchising, Law firm sales, Fee Sharing and providing PII quotes.