How Do Buyers “Take Over” a Client Relationship so That Future Business Continues with Them?

Buyers hope that, with proper introductions and a transition strategy, repeat clients will continue working with a successor. At times, this is not a problem, especially if other lawyers or staff remain after an acquisition. Many clients already have relationships with those individuals who remain after the owner leaves, so there is hardly any risk of losing revenue.

Do Buyers View the Two Types Differently?

Yes, very differently. Law firm buyers hope to generate future revenue from an acquisition. Family-based buyers hope to benefit from future referrals.

Unlike family-based work, in an employment-based practice, buyers look for repeat clients. The most successful in this space rely on repeat revenue from business clients who have developed strong relationships with a firm’s owner and with other lawyers and staff. In a perfect world, buyers of an employment-based practice hope to take over the relationships the selling lawyer or staff already has with the corporate client.

What Is Unique About Selling an Immigration Law Practice?

In immigration law, there are two main types of practice. There is family-based practice, which primarily serves individuals. There is also employment-based practice, where clients are primarily corporations. Some firms do only one type, but many do both.