An increasing popular way for lawyers to grow or diversify their practices is by strategically purchasing the practice of other lawyers. “Strategic” is the key word here, as you must be smart about which practices you consider purchasing and how much you pay for the practice you decide upon.
Lawyers looking to take a smart leap to build their practice should seriously consider buying the practice of a retiring attorney. Buying an existing legal practice has its advantages:
Often, new or inexperienced lawyers worry about the cost of purchasing a legal practice. The truth is that buying a practice may not be as expensive or risky as you think. Indeed, the seller may choose to:
Moreover, if your offer is the only one on the table, something is usually better than nothing for the seller.
If you are considering buying a law practice, work with attorney Roy Ginsburg. He has 10-plus years of experience working as a strategic advisor to solo practitioners and small law firms across the country. He also has 30-plus years of experience actively practicing law himself. If you’d like more information, pick up the phone and call Roy at (612) 812-4500 or send over a quick email inquiry.