Best Practice Tips: Selling My Law Practice to My Associate
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am the owner of a general practice firm in Chicago’s west suburbs. My firm has three associate attorneys and three staff members. I am 64 and contemplating my retirement and exit from the practice. I would like to start phasing back over the next three years and be out of the practice by December 31, 2021. There is one associate in the firm to whom I would like to sell the practice and he has expressed an interest as well. What are your thoughts as to how I approach this?