What does TUPE stand for in your listings?
Quite often we refer to ‘staff for TUPE’ in our listings, and if you are not a lawyer you may not know what this is. Taillte Mallon, one of our specialist advisers, has prepared the following advisory note. What is TUPE? TUPE stands for Transfer of Undertakings (Protection of Employment) Regulations 2006. A ‘TUPE transfer’ […]
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Can I own a law firm if I’m not a lawyer?
Yes and no. If you are a qualified solicitor with more than three years post qualification experience, then in theory you can own a solicitors firm, regulated by the Solicitors Regulation Authority (SRA), and operate the firm yourself as well. If you are a qualified legal executive, then you can own a firm of legal […]
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I have found a buyer or seller myself, but I want you to act as my adviser. Is this possible?
Yes it is. We are very happy to provide our services to any sellers or buyers of law firms or accountancy practices, and to act as your adviser on strategy and procedure throughout the process for a fixed price. The service level is the same as our Gold or Platinum Service (or our Platinum Plus […]
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How do you allow for owner drawings when valuing a law firm?
A common question in recent times has been how to calculate net profit when working out the price of a law firm and in particular relating this to the situation where a seller is also working as a fee earner and taking drawings or dividend out of the business. The key question is usually whether […]
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Where do I find a lawyer to complete my business purchase or sale?
Finding inexpensive or affordable solicitors to act for you in the sale or purchase of a law firm or accountancy practice can be quite difficult. Solicitors’ firms are set up to do commercial work, but the profitable commercial work is for large businesses and multinational PLCs and definitely not acting for SMEs! This means that […]
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What types of buyers purchase law firms and accountancy practices?
Who buys law firms and accountancy practices? Law Firms Law firm buyers fall into a few categories. Large investors buying into the sector, family buyers – purchasing for family members to take over and run a law firm, lawtech companies buying into the actual transactional side of the industry and companies in related sectors looking […]
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If a buyer from another firm takes over my business, are they a successor law firm?
Yes, no and it depends on the circumstances is our answer! If a buyer purchases your law firm, becomes a director of the firm and the law firm carries on as before then there is no successor business because the law firm has continued to trade and no-one has become a successor and inherited the […]
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What factors make for an easy sale?
In relation to law firms, by far an easy sale is one where the seller has a realistic idea as to the sort of price a practice is worth. Not only that, they have also communicated quickly each time an enquiry has been made, they have got all the paperwork together ready to go each […]
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What experience do you have that qualifies you to value or sell businesses?
We have been working with UK law firms and accountancy practices of all shapes and sizes on recruitment and business sales for over 20 years. The information we give in relation to values of businesses is very specific to our experiences of previous and current deals and is always tailored to an individual business. Our […]
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Do you get involved in negotiations?
Yes we do. We are happy to be as involved as the parties to the deal want us to be. Sometimes we have sellers and buyes who require our full input throughout. The seller will want us to communicate on their behalf with the buyer and their representatives and the buyer may well require us […]
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