In short: your practice is bought by an attorney licensed in your state, not by Laurel Way Partners. The sale follows the professional rules for selling a law practice. You help plan the handoff to clients and referral sources. The families you've planned for are cared for by lawyers who will still be there when their plans are used.
Who this is for
You own an elder law, estate planning or probate firm on Long Island, in Westchester, in the five boroughs or in northern New Jersey. Most firms on this path have roughly $750K to $3M in annual revenue and one to five attorneys.
Looking for someone to take over your estate planning practice in New York? Or for a buyer for your probate practice in northern New Jersey? Read on.
A fair purchase, done by the rules
The purchase follows Rule 1.17, the rule on selling a law practice in both New York and New Jersey. It sets what clients must be told and protects their right to choose another lawyer.
The price reflects your practice and is set after a review under an NDA. It's covered by a mix of bank financing and seller participation, such as part of the price paid over time. Every term is in writing before you commit.
You pay no fee to talk, to share information under an NDA, or to close. Your own lawyer and accountant should review the terms.
Your clients and their original documents
Estate planning clients trust you with documents that may not be used for decades. Original wills and other documents are handed over to the buying attorney with a written record. Each client is told about the sale in writing, as the rules require, and keeps the right to choose another lawyer and take their file. In New Jersey, the rules also require a published notice of the sale.
Your staff
The people who know your clients and your files are a large part of what makes the practice work. Keeping them on is part of the arrangement.
A structured handoff into retirement
The handoff is planned around your timeline. It includes introductions to clients, to their families where appropriate, and to the advisors, CPAs and care managers who send you work.
The rules on selling a law practice generally require you to stop practicing privately in the area. Any role you keep during the transition is agreed in writing, with your own lawyer, before closing.
What stays the same
- Your name on the door, where the professional rules allow.
- Your clients, cared for by lawyers who will still be there when their plans are used.
- Your staff, kept on.
How a conversation works
- A confidential call. A first conversation about your practice and when you'd like to step back. Nothing to prepare.
- An NDA. A nondisclosure agreement is signed before any detailed information about your practice changes hands. Client confidences are shared only as the professional rules allow.
- Fit. A look at the practice together, and a plain answer on whether it's a match.
- Structure. The price, the financing, the handoff and the client notice, all in writing.
- Close. Documents are signed, clients are notified as the rules require, and the handoff begins.
Six to twelve months is typical from the first call to closing. If you'd rather wait longer, the schedule can be set further out. Planning retirement from a practice on Long Island, in Westchester, in the five boroughs or in northern New Jersey? It's not too early to talk.
Would you rather keep practicing for now? Read about partnering and continuing to practice. More answers are in the FAQ.