Solicitors - buying, selling, merging practices

12 August 2021

Considering selling or retiring from practice? Or looking to grow your practice through entry, acquisition or merger? Now could be the opportune time to consider your options and ensure you have the right plans in place to achieve the best possible outcome

GMcG Chartered Accountants can assist with all aspects of this process, from planning through to completion. As one of NI’s leading purveyors of litigation support services we have the contacts, skills and experience you can trust.

Selling or retiring from practice

Practice owners need to be aware of the type of preparation required to achieve the best possible outcome regarding a sale or other arrangement related to the continuation of the business. Robbie Milliken, GMcG Corporate Finance Director, adds:

“With levels of purchase and sales activity generally increasing in the months prior to the end of the indemnity insurance term, now is an opportune time for principals to draw together key information to position their practice for sale or buy out by incumbent partners”.

Effective planning will invariably include the examination of a number of key considerations, such as:

• Capital accounts
• Valuation of work in progress
• Detailed profile of work type
• Employees, premises, assets
• Partnership structures and agreements
• Management of client relationships
• Views on goodwill

GMcG offers a highly confidential service with expertise that can help negotiate your exit. This will include putting in place confidentiality agreements and, as needed, data rooms to provide you with confidence that key business and financial information remain protected at all times.

Entry, acquisition or merger

If the strategic direction of your practice includes business growth, entering new markets or expanding service offerings, you may well have considered an acquisition or merger as effective means of achieving such aims. 

GMcG has considerable experience in assisting clients with all aspects of due diligence related to these types of transactions. Through our resources and expertise we can offer a range of confidential services including: 

• Identifying suitable practices - critically assessing synergies, strengths, weaknesses and commercial potential as aligned with your strategic objectives
• Fund raising - expertise in examining the best options related to funding requirements
• Business structuring - advice on a range of buy-in and buy-out structures
• Putting in place confidentiality agreements and, as needed, data rooms to provide you with confidence that key business and financial information remain protected at all times

With a particularly active market in the months prior to indemnity insurance renewal, now is an opportune time to ensure you have plans in place to examine the key considerations and options related to your business growth objectives.

 For more information:

Robbie Milliken, Director – millikenr@gmcgca.com 028 9031 1113

Nigel Moore, Director – mooren@gmcgca.com 028 9031 1113

Gabriel Greene, Director – greeneg@gmcgca.com 028 9031 1113