Law Firm Broker for Estate Planning Law Practices

Estate planning law practices are non-adversarial in nature. Some even call it "happy law" because it deals with protecting and transferring wealth rather than fighting over it. Many lawyers in this practice area have long-term personal relationships with clients that span decades.

Don’t confuse estate planning with contested probate or estate litigation. Litigation in this area can be as emotionally charged as family law litigation.

Key Differentiators

  • Proactive: The core goal is to plan ahead to prevent issues, such as avoiding probate and reducing tax liabilities.
  • High-Trust, Long-Term Client Relationships: Clients share deeply personal information about their family dynamics, finances, and future wishes, enabling attorneys to serve as trusted advisors rather than merely transactional lawyers.
  • Generational Impact: Estate planners often work with clients over many years, assisting with the transfer of wealth from Baby Boomers to Gen X, Millennials, and Gen Z, and often serving multiple generations of the same family.

Frequently Asked Questions

What Is Unique About Selling an Estate Planning Law Practice?

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.

Why Would a Returning Client Work with A Successor Lawyer Who Buys a Firm?

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.

What Am I Supposed to Do with All of Those Files I Have in Storage if I Sell My Practice?

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.

Do Estate Planning Lawyers Bring Anything Extra to The Table when Considering Their Succession Plan?

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!

Get the Help You Need

Buying or selling estate planning law practices is a turning point in your career. Done right, it can propel your professional growth and provide immediate resources. With Roy Ginsburg’s expert guidance, you can confidently navigate this process and jumpstart your growth and success. Call law firm broker Roy today at 612-524-5837 to take the first step towards acquiring a thriving estate planning law practice, or connect online.