0411 888 148 02 9439 3399 support@bci.net.au

How to Sell my Legal Practice?

SELLING A LEGAL PRACTICE

Issues to consider when selling a legal practice.Many legal practices change hands in Australia. Buyers can be anything from the younger lawyer looking to get out of the large firm and into a smaller practice to the larger firm looking to consolidate by buying some clients and growing that way. If you’re looking to sell your legal practice, there are a number of things you should keep in mind:

  1. You should maintain an effective debtor management system – lawyers are notoriously bad with this stuff  so somebody doesn’t want to inherit a business with a fundamental flaw in this regard and a client base that is in the habit of not paying until very late.
  2. You should have research systems and access to key resources (many of which can be purchased,
  3. Proximity to Courts is important.  Lawyers get paid by the hour so you don’t need to be in traffic or on the train when you could be billing hours to your clients
  4. If you have a strategic position, then a long term lease will be advantageous
  5. It’s all about the people. It’s all about your team. The current directors may be exiting the business however what you leave behind is part of the value that you are selling. A history of talent retention is important
  6. A buyer wants to see identifiable growth and you should be able to show that. This applies to all businesses but especially to a legal practice.
  7.  No one wants to buy business that is  continually putting out fires. You need clear risk management controls and manageable insurance premium trends to satisfy a buyer that you have this area under control
  8. You need to place appropriate emphasis on profitable areas of expertise in all forms of marketing, but particularly your website

For more information about Selling Your Business

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Heidi Dening
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Heidi Dening
Founder and M.D. - Jump Start

" I sold my business for the price, terms and hand-over that I wanted, and it was all because of Tony. His decades of experience and excellent people skills gave me confidence, reassurance and guidance throughout the entire process. He had ... "

Bruce Sherlock
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Bruce Sherlock
M.D. - Sherlock Consulting

"For 20 years plus I have seen the results of Tony’s business and the professional way he handles his clients….. He is a man of action and stands behind his words….. It’s nice to see and meet a person who is courteous, honest and willing to go the ... "

Emily Salter
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Emily SALTER
Director - Fields of Beauty

" Tony, Thank you, for your commitment, professionalism, and dedication to selling my business . I could not have asked for a better broker to sell it! ... "

Susanna Palmer
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Susanna Palmer
Director - PALMERBIZ

" If you are considering selling your business, don’t waste your time shopping around for a broker that doesn’t even understand business. Go straight to BCI Brokers and get the professional service that you deserve ... "

Bill Lockett
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Bill Lockett
Director, Franchise Systems Grp

"Tony puts the interests of his clients at the forefront. He takes a proactive approach to each project and helps his clients understand the reality of the situation. He knows what is required to get a positive result and has proved to be a longstanding colleague ... "

Peter Davis
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Peter Davis
Pro. Services Franchisor

" I have worked with Tony over a number of years in different capacities, firstly as a Franchisor with Tony brokering the sale of a franchisee in our system and then as an advisor to our system. On all occasions I have found Tony to be well informed and ... "

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