Business opportunities in the legal sector are diverse, starting from small high-street practices to large inner-city firms with a global reach. We can provide you with the guidance you need to invest in the legal market, whether you’re looking for entry to the market, to expand upon your existing firms’ operations or to sell your practice.
There are many prominent opportunities in the legal sector. We are a proactive modern company, constantly evolving our approach to keep up with the growing legal market. Our proficient team of brokers are experts in this sector. They will work with you to reach new opportunities, allowing you to capitalise on a profitable sector and acquire a desirable business.
When you have made your decision to buy a legal practice, we will ask you to register with us. Once the registration process has been completed, you will be assigned a highly experienced negotiator who will get in touch with you to understand your business requirements, such as search criteria, size of practice and available funding. In addition, they will want to find out about your knowledge and experience in the sector, as well as gauge where your future business goals lie.
Your dedicated negotiator will contact you to request all the essential documentation necessary to ensure you are verified in advance of placing your offer on a legal practice. This will establish the level of funding or financing that you possess, allowing us to communicate this to the sellers who typically give priority to buyers with funding already in place. At this stage, your negotiator will discuss with you about your acquisition options and timescales.
Your dedicated negotiator will match your search criteria against our database of currently available legal practices and generate a shortlist for you to review. Meanwhile, if any further businesses that fit your criteria are placed on the market, we will communicate these to you via email.
When buying a legal practice, it is important to amass an understanding of which factors will have the most sizeable impact on its value. This may include the ongoing and future access to contacts within the industry, referral sources, skilled employees and repeat clientele. The value of a legal practice is often derived from a multiple of the practice’s annual gross fee revenues, with some buyers electing to include the past five years’ worth of revenue.
Once you have found the perfect legal practice to acquire, well will act as the intermediary between yourself and the seller and will communicate the offer that you wish to place. It is important to remember that we are working on your behalf and in your best interests, so please do not hesitate to ask your dedicated negotiator for advice in relation to the offer you are looking to proceed with.
When the seller has accepted your offer, your negotiator will guide you throughout the due diligence process through to completion. Whilst it may be tempting to not seek any external legal assistance over the course of due diligence, we are able to recommend solicitors specialising in the purchase and sale of legal firms who can ensure the smooth and succinct completion of your purchase.
Most sellers are highly cautious to maintain the confidentiality of their sale, and as such will not want to be contacted directly by any prospecting buyers. Throughout the entire process, we will act as the intermediary between yourself and the seller of the legal practice. We are always here to answer any of your queries or questions and will communicate these between both of the parties.
Once the transaction has been completed, we will request you to provide us with your feedback and suggestions. Your negotiator, who you will have established a strong business relationship with by the end of the process, will be keen to hear any of your feedback.
Utilising our legal market expertise, we will implement strategic planning and market research to maximise the sale value of your business. In recent years, there have been extensive changes to the legal sector. Many firms are evolving and place a greater focus on building a brand image in an increasingly competitive marketplace. With over 30 years of experience, we are adept at appraising law firms, in addition to being retained by contacts within the legal profession who are poised to purchase law firms that match their requirements. We work with firms who are looking for an exit route, and we handle these sales with confidentiality and discretion.
Before we bring your legal practice onto the market, we would first like to attain an understanding of both your business and what you wish to achieve from the sale of your legal practice. Therefore, we will first conduct a market appraisal of your practice to provide you with a figure which we believe is achievable on the current legal practice market. In addition, we will offer you a realistic timeframe in which we believe the sale of the practice will have completed, allowing you to start making plans for after the business has sold.
Once the decision is made to sell your legal practice, we will ensure you are well-versed in the upcoming process by the time an offer is placed on your business. Time is the number one reason why a deal may fall off, so at Kings Professional it is our role as an intermediary between yourself and any prospective buyer to make sure that both parties are aware of their obligations at every stage of the sale, ensuring the process completes in a timely manner.
Any prospective buyer of your legal practice will want a comprehensive overview of your business before they will consider making an offer, this will include your gross fee revenue, number of clienteles including repeat clientele, referral sources and general running costs. Therefore, your negotiator will request from you a list of all the necessary documentation that you will need to prepare before the sales process commences.
We understand that most legal practice owners will wish to keep the sale of their business confidential, with any public announcement creating a potentially detrimental effect on staff and client retention. Accordingly, Kings Professional has been successfully facilitating the highly confidential sale of businesses for over 30 years, ensuring that the sale of your legal practice can complete in an efficient and professional manner.
To ensure we swiftly find the perfect buyer for your legal practice, our in-house marketing team will create bespoke marketing materials to effectively and confidentially get your business seen by an extensive number of prospective buyers. Through engaging in a variety of marketing channels, such as business for sale website listings and targeted email campaigns, we are able to garner interest from pre-existing market operators looking to exact their acquisition strategies, as well as ambitious individuals seeking a strong entrance into the legal market.
To ensure that the process of finding a perfect buyer for your practice is a non-arduous and succinct experience, we undergo a comprehensive verification process of any prospective buyers interested in your business, whereby we will gauge how experienced they are in the sector, in addition to what level of funding they have readily available.
To save you the unnecessary aggravation of sorting through inert offers, as the acting intermediary between yourself and any prospective buyers we will ensure that any offers put forward to yourself will have been reviewed and vetted by ourselves. If you are not satisfied with an offer and would like for it to be revised, we will commence negotiations with the buyer on your behalf to achieve a better deal.
Once you accept an offer placed on your legal practice, we will guide you throughout the entire due diligence process until it has reached completion. Whilst it may be tempting to not seek any external legal assistance over the course of due diligence, we are able to recommend solicitors specialising in the purchase and sale of legal firms who can ensure the smooth and succinct completion of your sale.
We aim to communicate realistic deal timescales and act on your behalf to work towards a timely and successful completion. We will frequently contact all parties to make sure that your business sale is on track for completion, and that deal timescales are adhered to. It is in your interests to work closely with us on this.
A potential buyer would like to see a license of practice. They would also like to see relevant details of the business, such as additional qualifications and insurance certificates. Above all, ensure that your company accounts are impeccably maintained for the last 5 years.
There is not a definitive timeframe for how long it will take to sell a business, however this timeframe will vary depending on what kind of business you own, and also on what your requirements are. We are always on hand to give you valuable advice that will significantly speed up your sale process.
Get your legal firm into the best possible shape before a sale. Action any outstanding complaints and make sure that all your records are up to date. Make sure your internet presence is spotless, if you have any negative reviews, deal with them. It is essential to begin an exit planning strategy at an early stage for a successful deal.
In order to handle the sale effectively, consult external legal advice and accountants. It may be tempting to call upon your own expertise, however many sales fall through due to not seeking the correct assistance.
Our legal market analyse has indicated that buyers require a minimum turnover threshold of £250,000 per annum and at least 2 partners or directors within the company.
Our selling process enquiry will be handled discretely and professionally at all times. Remember, we work for you and will be already on your side!
This is the most popular question asked by small law firms. Our advice is usually to consider both, but with the option to extract yourself in the short to medium term if you choose.
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