Smart Lawyers Position to Transition Ethics in Transition: Protecting Clients and Staying Compliant When Buying or Selling a Law Firm
When it comes to selling or buying a law firm, numbers and contracts often steal the spotlight, but ethics are what make or break the deal. In this episode, host Victoria Collier goes into the ethical framework that governs law firm sales and explains how to navigate compliance without sacrificing client trust.
From competence and confidentiality to client notifications and handling trust accounts, Victoria walks through the key ABA rules every lawyer must understand, especially Rule 1.17, and shares practical insights for keeping your transaction ethical, professional, and smooth from start to finish.
What You'll Learn • Why Rule 1.17 is the backbone of ethical law firm sales • How to protect client confidentiality during due diligence and negotiations • What to include in a client notice letter (and when to send it) • The right way to handle conflict checks without breaching privacy • Best practices for transferring client files and trust funds safely • How to ethically market a law firm for sale under Rule 7.1 • Why ethics and profitability go hand in hand in successful law firm transitions
Victoria Collier is a seasoned attorney, entrepreneur, and expert in law firm sales and valuations. With a background in law and accounting, including her prior military service and CPA training, she brings a unique perspective on the financial intricacies of business valuations. Victoria helps transform law firms into more valuable and sellable businesses, guiding attorneys through life after law.
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