Recently Crowne Atlantic Business Brokers sold a law office in the South Florida area. It was a great transaction both beneficial to the buyer and seller. This particular transaction was not even a large one. In fact this law office actually sold for less than $100,000. So why was it an attractive deal? The office purchased was owned by an attorney who had been practicing for several decades and was looking to retire. He had a huge backlog of files, casework, and current clients that he was currently working with. Instead of simply closing up shop and disappearing, this attorney decided to sell their business to another firm. While the attorney did make some money on the deal, this deal was not about the money.
By selling his law practice he would be able to offer his clients continuity as they would have an entity to go in the event they needed information, advice, or documentation from his practice in the future. After the sale of his law office he would work for a period of time with the buying law office in order to ensure a smooth transition. It also gave a place for his secretary and assistant to continue working if they wanted to.
The law firm that decided to make the purchase made it on the basis that they would be obtaining access to a large client base that this attorney had done work for in the past and knew that these clients would continue to need services in the future. They knew that a previous client would contact the office when they needed work done, simply because that office has access to some of their more recent files. It gives the buying law office the ability to expand their presence and reputation to a client base that previously was unavailable to them.
All in all it was a solid deal, where each party including the clients would benefit. At Crowne Atlantic Business Brokers, we sell law firms and law offices of all different fields and sizes. If you have ever considered selling your law practice or law firm, please feel free to give Crowne Atlantic Business Brokers a call for a free consultation at 407-478-4101.