D. French Advisors Hosts Ethics Expert
Surrounding a Lateral Move and Succession Planning
Recently D. French Advisors hosted a speaker series with Keith Swisher, professor of legal ethics and Harvard LLM, who briefed the legal leaders present on the ethical issues when transitioning your practice. During the event, Swisher detailed the many ways to change your practice – whether it’s through sale or through association – but also maintain your commitment to your clients. He also shared best practices in staying ahead of ethical issues and client demands.
“When trying to sell your firm, forming an association is a bit more flexible than a sale when dealing with transitioning your practice.”
With his Powerpoint, he also detailed the other pressure points within a transaction to purchase or transition a law practice, and the many twists that can affect the sale.
“With respect to valuation of selling your law practice, it varies widely. There are consultants that work in that area, but my role is usually to check the ethics of the negotiation.”
But, he also kept in mind the practical aspects of selling a law firm, like malpractice insurance.
“When selling a law practice you should arrange for malpractice coverage for both buyer and the seller. This can be done in a variety of ways, for instance, the buyer could pay for the seller’s malpractice insurance.”