Law Practice Exchange helps lawyers discover unrealized value in their practices. LPE has changed the marketplace for the better. They’re connecting offices with a wider range of potential purchasers and educating firms on what buyers are looking for. Solos and small firms can get better compensation for what they’ve built and purchasers can find better products.
Uncovering Value in a Law Firm
Although they have value, the physical assets of a firm don’t make the practice. Gone are the days of simply selling the firm’s library of state codes and treatises. Firms today have two distinct advantages from those of yesteryear: an expanded buyer pool and information on what creates value in a firm.
Expanding the Field of Law Firm Buyers
With Law Practice Exchange, attorneys can reach beyond their own network to sell their practice. There may not be a local buyer for an attorney’s rural Tennessee bankruptcy firm. But the book of business, local goodwill, and industry knowledge may be just what an expanding North Carolina firm is looking for. There is greater value for both offices when these two firms connect.
Creating Value in a Firm
Classically, attorneys haven’t been encouraged to think of their firm as a business. This means that many practices don’t think strategically about how to build value in their firm. After all, this is an asset many lawyers spend their entire lives working on. Why reduce its value to physical possessions in the end?
Law Practice Exchange helps firms understand they build more than what can be seen. Real estate, physical assets, and a book of “potential” clients aren’t all a firm is.
LPE helps firms uncover areas to work on in order to build value. There is a vast difference between a firm whose processes live in one paralegal’s head and one that has documented, repeatable, and scalable practices. Similarly, a firm with streamlined intake and corresponding marketing is much more appealing than one that relies on personal referrals.
How to Get It
Want to learn more about how to maximize the value of your firm? Take a look at our full review of The Law Practice Exchange. See more videos, hear from our community, and compare products.
Last updated December 16th, 2022