Sell? Buy? Hold? That has been the lawyers’ dilemma during the COVID-19 pandemic and its aftermath. COVID-19 has proven to be an unforeseen accelerant in the law practice sale marketplace. Many senior solo and small-firm practitioners are motivated to sell their practices while less-seasoned lawyers recognize buying opportunities to build their existing practices.

Simultaneously, Robert V. Schaller writes in his January Illinois Bar Journal article, “Law Practice for Sale,” the COVID-19 pandemic has incentivized other lawyers to purchase law practices for sale, including both contingent-fee practices and hourly-rate practices. Schaller’s article encourages an owner of a law practice to take a step back and consider all the options available to them regarding the sale of their practices; he also offers plenty of advice for younger lawyers who might be interested in taking over another practice.  

Read the article Law Practice for Sale in the January issue of the Illinois Bar Journal.