Ownership and your practice
Who will own my firm?
Your firm stays attorney-owned. If you keep practicing, you remain the majority owner. The minority stake is held by an attorney licensed in your state, never by a company or an outside investor. If you retire, the practice is sold to an attorney licensed in your state, under the rules on selling a law practice.
Do I have to stop practicing?
Not if you choose to partner. You keep running the practice and your client relationships. If you choose to retire, the rules on selling a law practice generally require you to stop practicing privately in the area. The handoff is planned around your timeline.
Is Laurel Way Partners a law firm?
No. Laurel Way Partners is not a law firm and does not provide legal services. The firms we work with are independently owned and operated by licensed attorneys, and legal decisions stay with them.
Clients, files and staff
Will my staff stay?
That's the intent on either path. The people who know your clients and your files are a large part of what makes the practice work. The services team can also help with hiring when you need more hands.
What happens to client files and original documents?
If you keep practicing, nothing changes: files and originals stay with your firm. If you retire, original wills and other documents are handed over to the buying attorney with a written record. Clients are told about the sale in writing, as the rules require, and can always choose another lawyer and take their files.
What about my referral relationships?
They're part of what makes your practice valuable, and the goal is to keep them. If you keep practicing, they stay yours, and the services team can help you stay in touch. If you retire, the handoff includes introductions to the advisors, CPAs and care managers who send you clients.
Price, financing and timing
How is the price set?
It depends on the practice. That means its revenue history, where new clients come from, the files and originals it holds, its staff, and how much rests on you. Those are reviewed together, under an NDA, before anyone names a number. Client confidences are shared only as the professional rules allow, and this site doesn't quote prices or formulas.
How are you financed?
Each deal is paid for with a mix of bank financing and seller participation, such as part of the price paid over time. The mix is different for every practice and is set out in writing before you commit to anything.
How long does it take?
Six to twelve months is typical, from the first call to closing. The pace depends on the practice, the financing and your own timing.
Do you charge sellers anything?
No. There's no fee to talk, to share information under an NDA, or to close. If you partner, what the firm pays for the services team, if anything, is separate from the sale and set out in writing before you commit. You'll want your own lawyer and accountant, and their fees are yours.
Getting started
Is this confidential?
Yes. An NDA is signed before any detailed review of your practice, and nothing about the conversation is made public. Your staff, clients and referral sources hear about it only when you decide they should. If you retire and sell your practice, the rules require notice of the sale, including written notice to each client.
What if I'm not ready yet?
That's fine. Many owners start talking a year or more before they decide anything, and a first call costs nothing.
These answers are general information, not legal or tax advice. Your own lawyer and accountant should review any arrangement.