As a lawyer, you always want to be sure you’re making the right decision
for your career. For some, this means going out on their own and tackling the
reward of owning your own practice. While some lawyers prefer to start from
scratch, there are those who prefer to work with something existing. This is
why they make the decision to buy an attorney practice instead of create a
startup. If buying an attorney practice sounds like something right up your
alley, it’s very important you make the right choices. Take a look at the
following tips for buying an attorney practice.

  1. Use outside expertise.

When buying
an existing business, it’s always a good idea to have some outside guidance.
After all, you want to be sure that you are making the right decision and that
you’re doing so in a way that will benefit you, not hurt you. According to LawBiz, “There is a common misconception that being an attorney requires only expertise in law. But being an attorney is also about being an entrepreneur. Coaching can help you with the business side of the legal profession so that you can focus on your litigation and transactional work.” Finding help and seeking guidance from experts can help you make the right choice for your business’s future, so make sure this is something you honestly consider.

  1. Follow the rules.

There are rules and laws for just about everything, and that includes buying a law firm. As a lawyer, you  may already know what rules and laws you need to follow, but it may also be beneficial for you to have an outside counsel on your team to help ensure you and the seller are abiding by all the rules. After all, you don’t want to start working your way through closing only to find out that there is a hiccup that can cause the whole deal to fall apart. Instead, be sure to know what you’re getting into ahead of time.

  1. Plan the right budget.

Buying a law firm is going to cost money, so it’s important that you have the right budget in place. Don’t just factor in the obvious, such as the cost of the practice. Instead, make sure you consider everything, such as legal fees, realtor fees (if necessary), and any other fees associated with this change. When you have an adequate budget planned, you won’t come across any expensive surprises.

  1. Remember the marketing.

When you buy a practice, you will need to be sure that everyone knows this business deal was made. For instance, old clients will need to know if their existing lawyer moved or retired. Your clients will also need to know that you moved. This means that you’ll need to spend some money advertising your business. Make sure that you keep enough money for this in the budget to ensure you can do it successfully, otherwise you’ll end up with a practice and no clients to show for it.

  1. Be sure of your decision.

The opportunity to buy a law firm may not come up all the time, but it’s still a decision you need to thoroughly think about. For instance, make sure that this is the right choice for you at this point in your career. If so, then be sure
to move forward with confidence. If there is anything that is holding you back, you should talk with someone else to get an outside perspective. If any part of the deal makes you uncomfortable, then it may be a good idea to hold off.

Buying an existing law firm can help you grow your practice into something larger and more successful. While it does sound like a great opportunity, it’s also very important that you follow these tips to ensure you are making the right choice. After all, you’d rather make the right choice and be successful than make the wrong choice and fail.

By Kar

Dr. Kar works in the interface of digital transformation and data science. Professionally a professor in one of the top B-Schools of Asia and an alumni of XLRI, he has extensive experience in teaching, training, consultancy and research in reputed institutes. He is a regular contributor of Business Fundas and a frequent author in research platforms. He is widely cited as a researcher. Note: The articles authored in this blog are his personal views and does not reflect that of his affiliations.