Rohan Harris has contributed a practice management column for the Law Institute Journal (LIJ) June edition.
What are the options for legal practice owners in the current market?
The legal profession is undergoing profound change on a number of fronts. This change is being driven by several factors: client requirements, new technology, increasing competition and demographic factors. To survive, firms need to be strategic and adaptable.
It is no longer enough in today’s marketplace to competently service a number of core, loyal clients, bill by the hour and expect to have a secure, prosperous future as a sole practitioner, or indeed, as a firm. Competition for the limited pool of work is fierce.
Adapt, sell or merge?
As this new landscape develops, many legal practices will become more nimble: they will hone their sales and marketing skills, focus on a niche, and survive and thrive. For other legal practice owners, the time will be right to consider selling their practice or merging with another firm before market conditions change again.
If you are considering a sale or merger, you are certainly not alone.
Current market conditions have created compelling reasons to sell or merge. Many firms are looking to expand their services and client base by acquiring or merging with other firms.
You can read the full article here or download a guide to getting your legal practice ready for sale or merger here.