Are you seeking to merge or sell your law firm?
Making the decision to sell or merge your law firm may seem daunting but it can prove to be a sensible solution as part of a future strategy.
There can be several factors driving a decision to merge or sell and whether positive or negative. For example: -
- Expansion through merger
- Joining of forces to gain scale and security
- Financial difficulty forcing the need to merge
- An exit from the industry
- Part of a succession plan for the business to survive
Whatever the reason, it is important to ensure that full consideration is given to the desired outcome for both the firm and the owners as you will need to consider your strategy to ensure you obtain the expected outcome and do not end up with a failed merger.
If disposal of your firm is a current consideration getting expert advice to assist with your strategy can prove invaluable. Whether your decision is a financial one, part of a succession plan or simply to become part of something bigger there are a host of factors to consider to make sure your choice of partner is the right one for you and your firm.
When arriving at the decision to sell or merge it is imperative to consider timing as whilst it may be the right time for the firm but you need to make sure your firm is in the best possible position to sell otherwise you could be devaluing your asset.
Important considerations when seeking a merger or acquisition partner are: -
- The firm’s financial position and preparation of a up to date accounts
- How you will handle due diligence
- Your financial position
- The owner’s requirements (both financial and otherwise)
- The staff and how they will be affected and what they will be told and when
- The clients and how they will react
- The brand and what will happen to it
- Your future as an owner and what position (if any) you will want in the future firm, for how long and for what remuneration.
- Any regulatory issues
- The impact there may be on professional indemnity insurance
- The succession rules and how they will impact on your and the acquiring firm. Will they be a true successor practice or not?
- Indemnities and warranties that may be required to be provided and if you are ready to provide them
- What happens if the merger does not work – how do you get out if it and can you?
These are some of the key consideration to take into account and this should be part of the process before you put your firm into the market for sale or merger.
Mr Green Consultancy and The Strategic Partner have collaborated to bring a powerful solution to firms seeking a merger, sale or acquisition.
We work with firms to understand the reason for the sale or merger, we ask the difficult questions and we build a strategy around the requirements of the firm. We will then work with the owners to secure an appropriate Partner who meets the requirements and assist with the facilitation of a successful sale or merger.
We work with a range of law firms across the country both seeking to sell or seeking to acquire.
For more information on our service you can call us for a confidential conversation on 02078421830 or you can email us firstname.lastname@example.org and we will call you.