3rd year med mal defense attorney working in big law. A family friend and attorney I clerked for just offered to sell his practice to me. He’s a solo practitioner who also came from big law. He profits anywhere from 250k to 450k a year (saw his books). He says the majority of his clients would stay. His paralegal would likely stay (his only employee). I just have zero experience in his area of the law (trusts, estates, some real estate) and owning a business. Guidance would be appreciated

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If you are genuinely interested, you can try to find a co-owner/partner with the relevant experience.

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That is true. He claims I can learn through his paralegal who will stay for maybe a few more years before retirement. He also will always be there for questions and gave me the name of another attorney for help. I have some experience on the transactional side of things from the first firm I started with doing real estate. I just feel too young at this point in my career but feel like it’s an opportunity I should try given I have no children or spouse and don’t have a lot of financial worries yet.

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Convince him to stay on one year on a light schedule in exchange for more money.

Being solo is 10x better than working big law (assuming you make it work financially).

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While it may seem like a great opportunity there is substantial risk for you due to lack of experience in the practice areas.

Also there is even bigger risk is never having owned or run a business.

Being a great lawyer is one thing. Running the business of a law firm is a completely different thing.

Each skillset requires thousands of reps.

Just thoughts to consider.

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If they can stay with you a bit I would highly recommend it

In addition to the other great comments here, the areas of law mentioned 1) are IOLTA and escrow account heavy, so make sure to review your jx's rules on maintaining records and practices, and 2) have significantly different clients and workflows so you will not decide if you want that or not.

You should consider consulting with an SMB attorney. There are many considerations to make when buying a business

What did you decide to do?

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