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Indeed, they do. They should inherently understand the importance of having an exit strategy and a succession plan in place. They are always telling their clients to make sure their assets go to the people they want them to. An estate planning practice is a huge asset that, without a plan, could leave a mess for family, staff, and clients. Don’t be the cobbler who has children without shoes!
If you structure the deal properly, the burden should be minimal. Many retiring estate planning lawyers who do not sell their firms and instead shut them down spend a lot of time and money dealing with old files. Smart sellers will have the buyer assume control and storage of the files. Remember, the files always belong to the client, but the buyer is responsible for them and will need access to help returning clients with future matters. Buyers will then digitize or continue to store them and pay the associated storage costs.
Clients will likely stay with a successor because many prefer continuity and familiarity when revising or administering long-standing documents. Lawyers often underestimate how much clients dislike shopping for a lawyer. They often take comfort in knowing that someone was vetted when a practice is sold. Some returning clients may even wrongly believe they must work with the firm that drafted the original documents, even if there is a new owner, or may not realize the firm has a new owner.
The most critical factor when assessing an estate planning practice’s value is whether the practice has returning clients. A returning client is someone who has already planned an estate with the firm and now wants to revise or administer the plan. Buyers prize estate planning firms with the potential for many returning clients. Practically speaking, the buyer of an estate planning practice is buying the potential future revenue from returning clients.
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