Retiring, Selling or Leaving a Law Firm - Practice Resource Center



Selling a Practice

  • Illinois Bar Journal, December 2017

    An ISBA special committee is exploring ways to make sure lawyers have succession plans in place when they die, become disabled, or otherwise discontinue practice.

  • Mary Ann Gerstner
    General Practice, Solo & Small Firm, September 2017

    An introduction to this issue from Chair Mary Ann Gerstner.

  • Corey J. Tallent
    Evan W. Schanerberger
    General Practice, Solo & Small Firm, September 2017

    The ISBA's Special Committee on Succession & Transition Planning is seeking materials, comments and feedback from ISBA members to help draft a Transition Lawyer rule. Please read this article, then send comments and materials to

  • Ed Finkel
    Illinois Bar Journal, September 2016

    The market for law firms is still maturing several years after transferring a practice became legal in Illinois. A recent buyer discusses the legal, financial, and ethical considerations.

  • Phillip E. Koenig
    The Bottom Line, September 2015

    Some suggestions for lawyers as they consider updating their own estate plans.

  • Maria Kantzavelos
    Illinois Bar Journal, October 2012

    How much is your practice worth? How can you maximize its value? How do you find buyers? Even if you aren't ready to sell, experts say the time to ask yourself these questions is now.

  • Donald E. Weihl
    The Bottom Line, September 2012

    Selling a practice requires planning that begins long before the actual sale transaction is to take place. Here's a look at some of the usual steps to be taken in the sale process.

  • John W. Damisch
    Senior Lawyers, June 2011

    A few reasons you should consider keeping your practice.

  • Helen W. Gunnarsson
    Illinois Bar Journal, January 2011

    The 2010 update of Illinois' ethics rules make it easier to sell a law practice. But what about practical issues like valuation and transition planning? Seasoned solos offer advice.

  • John W. Olmstead
    The Bottom Line, December 2010

    How much is your firm worth?

  • John T. Phipps
    General Practice, Solo & Small Firm, January 2003

    We have received a number of excellent comments and suggestions about the proposed transfer of a solo practice and made changes to the original proposed draft rules.

  • Bernard Wysocki
    General Practice, Solo & Small Firm, January 2002

    Probably, the most important project that the General Practice, Solo and Small Firm Section Council has been working on this year, is the work on the proposal for changes to the Rules of Professional Conduct allowing the sale of a law firm by sole practitioners.

Leaving a Practice

ISBA Advisory Opinions on Professional Conduct

  • 07-02 Selling a law practice
  • 03-06 Retaining responsibility for matter after leaving law firm
  • 01-02, 94-14 Closing law firm and client files
  • 95-02, 86-16 Access to files at former firm
  • 92-12 Attorney inability to practice due to senility

Other Resources

Have a suggestion for a practice resource? Please email Mark Mathewson.

These resources are presented as educational resources for for ISBA members. They should not be relied upon as a substitute for individual legal research, and the ISBA does not warrant the accuracy of the information that appears in them.