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Roger Hayse is a founding Director of Hayse LLC. For 30 years he has closely advised law firm management and legal industry service providers. His career is highlighted by consistently providing the counsel and leadership critical to successful law firm transitions. He is a frequent writer and speaker, and authored the 2002 book "Law Firm Strategy".

This is the second in a two part series addressing the idea of selling your law practice as part of a succession plan. Part one addressed
issues related to defining personal objectives, compliance with local bar rules, and practice valuation.

In this post we will look at three remaining considerations:

  • Finding a buyer,
  • Negotiating the

If you practice law, there is one eventuality that should be added to that familiar duo of Death and Taxes. No one talks much about it, but it warrants the same attention to detail. The subject? The end of your practice. 

As is the case with its two more familiar rivals for attention, ignoring it

If you change partners every time it gets tough or you get a little dissatisfied, then I don’t think you get the richness that’s available in a long-term relationship.                   Jeff Bridges

Another year and more turmoil in the legal profession!

Although for some law firms the economy has led to marginally improved performance, for many

The most dangerous leadership myth is that leaders are born – that there is a genetic factor to leadership. This myth asserts that people simply either have certain charismatic qualities or not. That’s nonsense; in fact, the opposite is true. Leaders are made rather than born. – Warren G. Bennis

There is simply no

As firms consider their strategic position , a number of law firms are finding themselves underperforming relative to peer firms. For some, it is deja vu…for the second, third or fourth consecutive year.

You don’t need anyone to tell you that this is not a great way to navigate in this increasingly volatile environment. A

If your law firm is considering a merger, it is a perfect time to evaluate the operating cost associated with the combined organizations.

Mergers are risky transactions. Having operating costs in line will decrease pressure on the new entity.

Although all costs should be evaluated, we will focus on three areas in this post. Two

This Forbes article references a KPMG study which indicated that 83% of mergers fail to yield a favorable return to stockholders while a separate A. T. Kearney study determined that mergers overall yield a negative return to owners. The KPMG study indicated that nearly 70% of business combinations are negative to neutral in terms of

What is your law firm worth?

This question is paramount when the owners of a firm consider the possibilities related to a merger, a succession plan involving existing members, or the outright sale of an established practice.

There are variations by state as to what can and cannot be sold as part of transitioning of