If you are a Florida personal injury lawyer who wants to sell their practice, you may have some options. Our personal injury law firm can work with injury lawyers in Florida who want to retire and wind down their law firm, or an estate of a deceased personal injury lawyer in Florida to secure and distribute assets to the estate.
Retiring from the practice of law can be both stressful and positive. On one hand, you have spent your entire career building up your client base and developing a reputation in the community. On the other hand, you may be looking forward to retiring and spending more time with your family or pursuing other interests.
If you are considering selling your personal injury law firm, there are a few options to keep in mind.
Sell Personal Injury Law Firm in Florida When Retiring
Florida's Ethics Rules permit the sale of a law practice. Rule 4-1.17 permits the sale of the entire practice, or the entire area of practice, to 1 or more lawyers or law firms authorized to practice law in Florida.
The rules generally require written notice served by certified mail, return receipt requested, on each of the seller’s clients of (1) the proposed sale; (2) the client’s right to retain other counsel; and (3) the fact that the client’s consent to the substitution of counsel will be presumed if the client does not object within 30 days after being served with notice.
If a representation involves pending litigation, the Bar rules require authorization from the court for any substitution of counsel or termination of representation. The seller may disclose, in camera, to the court information relating to the representation only to the extent necessary to obtain an order authorizing the substitution of counsel or termination of representation.
A client may object to the proposed substitution of counsel and could opt to obtain their own counsel moving forward.
Merge a Personal Injury Practice
Another option for a retiring personal injury lawyer is to merge their practice into another. If you want to wind down your personal injury practice as you get ready to retire, or wish to slow down your practice, feel free to get in touch so we can discuss your options.
By merging your practice with another, you can continue to enjoy the fruits of your years of labor building your client base and practice. Firm mergers may involve discussions about fee division, client consents, and conflicts of interest, but the overall goal should be mutual. Both the retiring attorney and merging firm should both enjoy a benefit of working together.
If you are an injury lawyer in Florida who wants to retire or is no longer able to handle the personal injury cases you have, feel free to contact us at 800-337-7755. Jason Turchin can discuss your options with you.
What to do if a personal injury lawyer dies in Florida
If you are the spouse whose loved one was an accident lawyer in Florida who died, you may still be able to collect significant revenue for the lawyer's estate. Give us a call to discuss the situation and we can go over your options. The lawyer's estate may still be entitled to money owed to the deceased lawyer, as well as significant future revenue.