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Is it time to sell or merge?

Is it time to sell or merge?

By Rohan Harris

Takeovers & Mergers 

What are the options for legal practice owners in the current market? The legal profession is undergoing profound change on a number of fronts. This change is being driven by several factors: client requirements, new technology, increasing competition and demographic factors. To survive, firms need to be strategic and adaptable. It is no longer enough in today's marketplace to competently service a number of core, loyal clients, bill by the hour and expect to have a secure, prosperous future as a sole practitioner, or indeed, as a firm. Competition for the limited pool of work is fierce. Adapt, sell or merge? As this new landscape develops, many legal practices will become more nimble: they will hone their sales and marketing skills, focus on a niche, and survive and thrive. For other legal practice owners, the time will be right to consider selling their practice or merging with another firm before market conditions change again.

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