Best Practice: How to acquire another practice
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. We are a 12-lawyer firm in Austin, Texas. We have been approached by the owner of a three-attorney firm in an adjacent city who has a complimentary practice consisting of institutional business clients. He is looking to retire within the next 30 days and he would like us to acquire his clients. We have reviewed his practice and we would be willing to take over his clients but not his personnel or other fixed assets. He has no interest in a merger or a lengthy relationship with us. It could add $800,000 per year to our practice. We would appreciate your thoughts.
Fastcase is free for ISBA members and sponsored by ISBA Mutual Insurance Company. In downtown Chicago and need to do some legal research? ISBA members can stop by our Chicago office located at 20 S. Clark, Suite 900,
The ISBA Standing Committee on Women and the Law and the Women's Bar Association of Illinois (WBAI) co-hosted a Professional Development Luncheon on Aug. 17 at the Chicago Office. The luncheon topic was the Illinois Paid Family Leave Act. On hand for the luncheon were Women and the Law Chair Julie Neubauer, Board Co-liaison Bridget Duignan, WBAI President Adria Mossing and ISBA Board member Lisa Nyuli.
These offers are provided to you by Illinois State Bar Association.