This online intensive workshop will equip you with the skills you need to ensure a smooth and successful transition of your practice from one generation to the next.
Subject to specific requirements of relevant State rulings, attendance at this workshop allows participants to earn 1 MCLE / CPD point.
The workshop will be delivered as an one hour live stream session plus a one-on-one session to strategise your specific circumstances.
What Is Your Firm Worth
- Common rules of thumb around law firm valuations are being challenged. Given variances in profitability, areas of law, demographics and cash flow, not all law firms have the same value. We will guide you through the valuation process and how it applies specifically to your firm.
Internal Equity Transfers
- One of the key tactical challenges is to structure the deal so that it is attractive to both parties. There are numerous options available regardless of whether you are a small firm, large firm or incorporated legal practice.
What Options Are Open To You?
- With an increasingly aging profession, the next three to five years will see a significant transfer of ownership from one generation to the next. The high number of retirements is creating a ‘buyers market’. We will help you realistically assess the options available and develop a robust plan that best suits your needs.
External Sale Or Merger
- In addition to large professional aggregators, many firms are looking to boost revenue and profits by consolidating local competitors. We will discuss how to find them and how to present your firm.
- After the session has concluded, the workshop co-ordinator will be in contact to book in your one-on-one session with Sam Coupland.
Why you should attend
The most significant concern for practitioners working in small-medium sized firms or operating as a sole practitioner centre around issues of succession planning.
Well managed, profitable firms with a solid client base are highly sought after. The owners of these firms need to have a well thought out strategy to fully realise the
value tied up in the practice. The current economic uncertainty provides some challenges in relation to succession if traditional approaches are adopted. This workshop will provide you with novel strategies for bringing new equity owners into your business or funding an external acquirer or merger partner. After the workshop Sam Coupland is available to discuss your specific circumstances.
Who should attend
Law firm owners and managers who want to explore or implement a robust succession plan.
Sam’s client facing roles span direct consulting and management training. In anyone year he would be engaged by 50+ firms to assist with strategic planning, partner compensation, equity valuation and succession related issues. With industry experience gained since 1999 and the capacity to draw on the many resources of FMRC, Sam has developed unique insights into the workings of a wide range of firms. Sam is considered the foremost authority on law firm valuations having developed a robust valuation methodology and values more than 20 firms each year. Prior to joining FMRC Sam worked at Ernst & Young for four years followed by a stint in London conducting due diligence on businesses listing on the London Stock Exchange.