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Closing, Selling or Acquiring a Law Practice

Article: May 3, 2012  |  Ohio State Bar Association Convention

This was originally offered to attendants at the 2012 Ohio State Bar Association Annual Convention. It was reprinted by permission of the Ohio State Bar Association. It was written by Theodore M. Mann, Jr. and can be found in OfficeKeeper, an award-winning resource of the Ohio State Bar Association.

Presentation Agenda — The acquisition, sale or closing of a law practice is a multi-faceted process. Guidelines must be considered that relate to any business transaction. The additional compliance requirements are the legal-professional components creating responsibility and liability issues which should not be ignored by the parties to the transaction. This is a threeway process with Seller, Buyer and Client interests. The Sale of Law Practice should be viewed like the sale of any professional practice, with the important caveat ofthe need for protection of client confidences and secrets and respect for the attorney-client relationship.

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