I’m a young 4th yr atty and the managing partner has offered me the option to buy out the firm or receive a great recommendation if I choose I’d rather transition elsewhere. I love my firm and other people would lose their jobs if I don’t buy it out, but I don’t think I could afford a buyout at this stage of my life. Are there any other ways to transition the firm to me or is a buyout the only option? (This is all due to a complicated situation out of the partner’s control)

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Lawyer up and get the best deal you can. I’ve litigated a few cases with associates leaving the firm. Can get ugly and associates are routinely thrown under the bus.

Check your states ethics opinions about who retains the client. In my state, associates are often unaware that they have the ability to solicit the client to come with them. If you can peel off a few high quality clients you regularly work with, you have leverage regardless of whether you stay or go.

likehelpful

That’s an interesting and difficult situation. What market are you in and how much would it cost to buy out? How dependent is the firm on the managing partner’s contacts and reputation?

If there aren’t other buyers available, maybe you could work out a longer-term transition where the partner keeps getting paid out at some rate but stops actively working cases?

likehelpful

Chicago market. Most of his contacts have been in touch with me as well because I take over if he is ever gone for longer periods of time and the clients are all familiar with me too. I definitely like the idea of a longer-term transition

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This could be an amazing opportunity, what if you brought in someone else and split the cost?

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What area of law? Plaintiff or defense? If you can’t swing it alone maybe partnering with another lawyer would be a good idea. I know lots of folks in Chicago who might be at a point in their career where they are considering this kind of move.

The real question with law practices is whether the firm alone has any true value, and if so, what the firms actual value is, besides the tables and chairs and computers. Many firms have non-recurring clients, especially plaintiffs side so there’s no value except the speculative value of good will (ok) and name recognition (theyre leaving so that’s not much).

Again this depends largely on the type of firm but I’d hire someone you trust to do a proper firm valuation and instead negotiate the price to something you’re comfortable with. Could also explore the owner self-financing the sale based on a % of revenue.

Would need more info to give a good answer, but this does sound like it might be an unbelievable career opportunity. Depends what you can pull on your own, what you are getting with the buyout, and whether you can make the buyout make sense. Longer-term for payment certainly looks like an attractive option.

I’m in Chicago. You may DM, if you like.

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