In early 2012, Peter Olson, a Chicago-based sole practitioner concentrating on family law with some clients in other areas, happened upon an anonymous Craigslist listing that advertised a law practice for sale. The owner of the practice, which also focused on family law, was looking to retire and hoped to find, in effect, a successor - for the right price.
His interest grew upon discovering that the seller was an acquaintance of Olson, who will speak on the topic of buying and selling law practices, along with Rockford-based real estate and estate planning attorney John Maville, at the ISBA Solo and Small Firm Practice Institute in September.
So they reached a simple buyout agreement through which Olson effectively worked for the firm for a few months as the seller transitioned out, then took it over - not only the client files but the office, staff, computer systems, and other property.
"It's hard to know, or hard to find, when people are buying or selling practices," Olson says. "I'm asked about it, not daily, but with some frequency, and there really isn't much of a market for it. I'll see the occasional listing in some of the bar journal, lawyer-focused magazines. The only other resources I know of are a few law practice management people who do brokering of that."
What was Olson's experience as a law firm buyer? Find out in the September Illinois Bar Journal.
