Buying Or Selling A Law Practice (2014) (2.0 MCLE Credits)

2.0 Credits in Law Practice Management

Overall Planning Chair

Nat Wasserstein, JD, MBA, CFE, Lindenwood Associates, LLC
 

Speakers

Deborah Scalise, Esq., Scalise & Hamilton, LLP

Robert L. Ostertag, Esq., Ostertag O’Leary Barrett & Faulkner

Howard Fielstein CPA/ABV/CFF, CFE, CIRA, CTP, ASA, CitrinCooperman

Jennifer C. Friedman, Esq., Pace Law School, Public Interest Law Center

Program Agenda and Topics
 

Winding up a Law Firm

            – No Reason to Die at Our Desks
            – Your Clients’ Interests
            – Designating an Assisting/Closing Attorney
            – OCA Oversight/Administrative Board
            – Trust Accounts
            – Should You Plan for Your Death
            – Liability, Asset (What is your Law Practice?)

Buyers and Sellers

            – Motivation (Voluntary or Involuntary?)
            – Ethical Concerns for Both Sides
            – Duty of Competency
            – Secrets and Confidences
            – Due Diligence
            – Conflicts
            – Non-Competes (must be reasonable)
            – Notification
            – Caveat Emptor
            – Client Transition Plan 

Valuing a Law Firm                      

            – Book value, Market Value, and Goodwill
            – Problem with Comparable Sales
            – Rules of Thumb – there is none
            – Taxonomy Problem
            – Practice v. Professional Goodwill
            – Cash-Flow and Client Retention

Going Solo: Starting Up or Buying In?

            – Law Firm Incubators  
            – Residency for Law School Grads
            – Mentor/Mentee
            – Practice Transition Opportunities
            – Sample Deal 

Total Credits: 2.00 | Law Practice Management: 2.00