Selling a practice seems like a lot of work. Why not simply close it?

Selling a practice seems…

TRANSCRIPT:

The problem with just closing up shop is, if you do it the right way – and I’ve been around this business long enough and just hear anecdotes. Most lawyers don’t do it the right way. It’s a pain in the neck. You have files you gotta figure out what to do. You gotta notify the clients. You gotta close the bank accounts. I mean there’s a lot of stuff to do. If you go on the Web, there are zillion articles about telling you what to do. So my theory is, if you’re gonna have to do a lot of that stuff when you sell to another lawyer or a law firm, you might as well get some money out of it. And, actually, there are some types of deals – for example, if you do of counsel arrangement with another firm – oftentimes some of the issues of what to do with the files, the client notifications, they’re not your problem anymore. They become the new law firm’s problem.