Website Offers Options for Those Looking to Exit the Practice of Law or Expand Their Practices
LOS ANGELES, Sept. 18, 2014 /PRNewswire/ — Nationally recognized legal management expert and author Ed Poll today announced the release of a new service to help lawyers more easily and efficiently buy and sell law practices.
The new service, LawBiz® Registry, provides a marketplace for attorneys who want to either monetize the goodwill of their practice through a sale, or who are looking to expand their practice through the purchase of an existing law practice.
Law Practices DO Have Resale Value
According to Poll, until recently legal practices were not perceived as commercial enterprises that had value that could be transferred from one professional to another. However, changes to the American Bar Association (ABA) rules of professional conduct have made this a moot point. Not only does the ABA now sanction the sale of law practices in their entirety, they also permit the sale of an area of a law practice. So a lawyer with practice areas in estate planning and trust administration, for example, could sell one practice area while maintaining the other.
"Many lawyers are reaching the stage where they'd like to move on from the practice of law to other pursuits. Unfortunately, very often they don't consider the sale of their practice as a viable option for exiting the Business of Law®," said Poll. "They don't take the time to evaluate their practice to understand its realistic worth, and to put in place the right processes to make the practice attractive to potential buyers.
"I created the LawBiz Registry to provide a one-stop resource for both those looking to exit the business and those looking to purchase existing, viable law practices. Our goal is to make the process as simple and straightforward as possible."
Options Available
The LawBiz Registry offers practice owners a simple do-it-yourself opportunity to list practices for sale or practices wanted in an online directory. The practice owner completes a simple online form with key information. All leads go to the practice owner directly.
In addition, for those who would prefer help with the process, Poll offers coaching to help prepare a practice for sale, as well as practice valuation, and customized consulting throughout the process of selling a legal practice.
Poll has also produced a series of books and DVDs on this subject, including Exit Strategies: Selling & other Strategies to Leave the Practice of Law and Selling Your Law Practice: The Profitable Exit Strategy.
More information about the LawBiz Registry process is available on www.lawbizregistry.com.
About Ed Poll
Ed Poll, founder of LawBiz Management, is a nationally-recognized expert in law practice management. He helps attorneys and law firms increase their profitability by consulting with them on issues of internal operations, business development, and financial matters. Poll brings his clients a solid background in both law and business. He has 25 years' experience as a practicing attorney, and has also served as CEO and COO for several manufacturing businesses. In 2010, he received the first ever Lifetime Achievement Award from the California Bar Association's Law Practice Management and Technology Section.
Poll is the author of numerous publications that have become the definitive works in the field, including 20 books, CDs and DVD collections. His newest offerings are Life After Law: What Will You Do With The Next 6000 Days? (LawBiz Management, 2013) and The Attorney and Law Firm Guide to The Business of Law®, Third Edition (American Bar Association, 2014). He has also authored books on business planning for attorneys, improving collections, buying and selling law practices, disaster preparedness and recovery, and exit strategies for legal practitioners. His offerings are available at LawBizStore.com.
Poll is a columnist for several publications geared to the legal community, including the Massachusetts Lawyers Weekly and Legal Management, and hosts regular webinars for West Legal Edcenter. He is also a fellow of the College of Law Practice Management. Poll earned BS and JD degrees from the University of California, Los Angeles, and an MBA from the University of Southern California.
About LawBiz Management
LawBiz Management is the nation's leading firm dedicated to managing the Business of Law®. The company focuses on helping lawyers reach their goals and law firms improve their practices by increasing revenues, improving profits, and reducing the stress of the practice experienced by lawyers. Among the services offered are coaching, consulting, speaking and managing firm retreats. LawBiz Management also consults on the buying and selling of law practices.
FOR MORE INFORMATION, PLEASE CONTACT:
Linda Popky
Email
650-281-4854