Banks and supermarkets are able to sell consumer legal services in England and Wales for the first time following a change in law. The government says the new Legal Services Act will offer more choice and better value to the public. But how do YOU really feel about this? Are you ready to see your craft turn into one of the most deregulated legal service markets in the world?
The latest reforms will undoubtedly and eventually result in forceful competition. Add to this the waning of customary channels of work i.e. legal aid and conveyancing, the struggle with cashflow as a result of a decline in turnover, reduced access to short-term finance and ever increasing hikes in Professional Indemnity Insurance Premiums and now ask yourself how the future looks? All too often, we hear that ownership and management of a law firm is just too much to bear. It is an overwhelming scenario and there's no room for complacency.
It is time for serious action.
Small practices are the worst affected.
If it's too much to bare, we have a solution - you can sell your practice.
The Institute of Chartered Accountants, October 2005.
Business Link, January 2007.
Law Mergers & Acquisitions offer a unique service. We will ensure when the time comes to sell your law practice, we:
Assure you of a candid assessment
Maximise the value of your business
Streamline the selling process
Relieve stress and minimise the strain
We start by arranging a meeting during or outside office hours for a full, frank and open discussion. This will be at the clients' premises.
You will be provided with a valuation of your practice. In order to arrive at our valuation, we refer to a host of items to include - financial data, market trends, age of practice, work type and other significant factors.
We will prepare a comprehensive Profile on your practice which will appeal to potential purchasers.
We assist with negotiations ensuring you obtain the best deal possible.
The most powerful motivators for seeking a practice sale are:
A desire or need for a change in direction
You may be an entrepreneur who has decided to sell your business at its peak
You may be in financial difficulties or subject to possible SRA intervention
In the event of a lawyer's death or disability, the lawyer's family can benefit from the sale of the law practice.
We acknowledge selling your law practice may be a traumatic experience. We will guide you through the complex field of potential pitfalls.
It is paramount to secure the best deal possible and the most profitable exit strategy.
There are three main ways to sell your law practice:
If you are aware of interest from another practice, a direct approach is one way of disposal. This method is not without its drawbacks:
An advertisement in the press may result in response. Some will be genuine. Some will not. Much of the response will be from those who wish to see your accounts and other sensitive information relating to your practice. We call these enquirers “armchair buyers” i.e. they have no serious intentions of acquiring a law practice. Loss of confidentiality.
Confidentiality is difficult to maintain. All too often potential purchasers do not respect the necessity for confidentiality; they will often effect calls to your offices, speak to staff or even turn up unannounced. Some of these anomalies are deliberate. As with the direct approach, if a sale ultimately fails to materialise, your practice will acquire a blemished image.
Selling a practice is time consuming and arduous. The nature of our business is selling law practices all day, every day. We soon learn to identify the time wasters. As market leaders in this field, we know how to overcome pitfalls. In the long run, we save you time, money and provide you with peace of mind.
Our role in a sale of a law practice is pivotal. We oversee every step - synchronizing and orchestrating the various parties and ensuring that a sale ensues expeditiously, with the stress removed whilst maintaining confidentiality.