Sell or Buy a Law Firm in Illinois

Law Firm Overview

Illinois law firms serve clients with legal representation across practice areas including personal injury, family law, estate planning, business law, and criminal defense. Law practice sales require careful attention to ethical rules and client relationships.

Law firms benefit from recurring client relationships, referral networks, and specialized expertise. Success depends on client retention, practice area focus, and reputation.

Law Firm Valuation

Practice Type	Multiple Range	Basis
Personal Injury	0.3x - 0.5x	Revenue
Estate Planning	0.8x - 1.2x	Revenue
Family Law	0.5x - 0.8x	Revenue
Business/Corporate	0.7x - 1.5x	Revenue

Key Valuation Factors

Client base: Active clients and recurring matters
Practice area: Transactional vs. litigation focus
Revenue stability: Recurring vs. contingency revenue
Referral sources: Established referral relationships
Staff quality: Associates and paralegals willing to stay

Selling a Law Firm

Key Selling Considerations

Client consent: Ethical requirements for client notification
File transfer: Organized client files and documentation
Trust accounts: Proper handling of client funds
Staff retention: Key attorneys and staff committed to staying
Transition planning: Client introduction and handoff period

Illinois Regulatory Compliance

Illinois ARDC (Attorney Registration and Disciplinary Commission) rules
Rule 1.17 - Sale of Law Practice requirements
Client notification and consent requirements
Trust account transfer procedures
Malpractice insurance tail coverage
File retention requirements

Complete Selling Guide →

Buying a Law Firm

Key Buying Considerations

License requirements: Illinois bar admission
Practice area expertise: Competence in acquired practice areas
Client retention: Historical retention and transition success
Staff interviews: Meet attorneys and key staff
Ethical compliance: Review of disciplinary history

Complete Buying Guide →

Law Firm Practice Types

⚖️ Personal Injury

Accident and injury claims.

👨‍👩‍👧 Family Law

Divorce, custody, support.

📜 Estate Planning

Wills, trusts, probate.

🏢 Business Law

Corporate and commercial.

🏠 Real Estate

Property transactions.

⚔️ Criminal Defense

Criminal representation.