Law Firm Sales & Succession Planning
Lawyers today are encouraged to prepare the transition of their clients and client matters in case death, disability, retirement, or other circumstances cause the lawyer to cease practice. Often these plans involve selling a law practice, preparing a practice continuation plan, or transitioning client matters to another lawyer.
Drawing upon experience and understanding of lawyer ethics and the legal industry, Downey Law Group advises lawyers on practice succession matters including the sale of law practices. Prior law practice transfers handled by firm founder Michael Downey include:
- Assisting a personal injury lawyer who transitioned his practice by having successor counsel co-counsel in on each matter retire from the practice of law;
- Preparing agreements to govern the sale of a law practice as permitted by ABA Model Rule 1.17, as adopted by most states; and
- Preparing law firm sale documentation to maximize client retention and fee generation for a lawyer facing potential suspension of his law license.
In addition, while chair of the ABA Law Practice Division, founding member Michael Downey pushed for regulatory changes that would allow