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How to Maximize the Revenues and Sale Value of Your Practice Now…or for a Lifetime!
 featuring Dustin A. Cole
 
presented by the
South Carolina Bar-Continuing Legal Education Division

Live at the
Bar Conference Center
 

About the seminar

This program qualifies for 3.0 MCLE credit hours.

Building Your 1, 5, 10 or 20-Year Plan for a Successful Practice and a Profitable Sale
 
This groundbreaking program will show you how to increase your revenues now to fatten your net worth, and assure greatest value for your practice when you are ready to step back.
 
The secret to creating maximum reward is the same at any stage: transforming it from a practice into a successful legal business with measurable asset value.
 
In this groundbreaking half-day program you will learn:
·       The elements of value in your practice in a sale or transition
·       Why most practices stay small
·       What key “legal business” elements increase value, and how to create them
·       How to estimate the current market value of your practice
·       How to increase the value of your practice, now and at sale
·       Ethical issues involved in a sale, transition or closure
·       How market conditions affect the value of your practice
·       Deciding when and how to sell or transition
·       How to create a “sales prospectus” to achieve maximum value
·       How to create a successful transition plan for maximum return
 
Program Agenda

12:30 p.m.    Registration
 
1 p.m.           Opening Remarks
 
1:03 p.m.      The Elements of Value in a Sale or Transaction
 
1:08 p.m.      Why Most Practices Stay Small
 
1:13 p.m.      The Difference between a Practice and a Legal Business, and the Effect on its Value
 
1:18 p.m.      Exercise: Identifying the Current Structure of you Practice in Order to Plan for Growth or to Maximize Value
 
1:38 p.m.      Estimating the Current Theoretical Market Value of your Practice
·       Revenue approach
·       Profitability approach
·       Asset value approach
·       Goodwill value
·       Infrastructure factors
·       Practice are factors
·       Market factors
 
1:53 p.m.      Increasing its Value
·       Building infrastructure, systems, procedures and team
·       Building client development structure
·       Building revenues and profit
 
2:11 p.m.      Building the Legal Business as a Type of Risk Management: An overview of legal and aging risks
                       
2:21 p.m.      Break
 
2:36 p.m.      Review of Ethical Rules Regarding Sale
·       Rule 1.0 Terminology
·       Rule 1.4 Communication
·       Rule 1.6 Confidentiality of Information
·       Rule 1.17 Sale of Law Practice
·       Selling the practice as an entirety
·       Written client notifications-requirements
·       Client right to continue or withdraw
·       No increase of fees for 1 year
·       Non-compete as permissible
·       Seller responsibility for inactive or un-transferred files
 
3:11 p.m.      Time Factors: When do you want to sell?
·       6-12 months
·       2-4 years
·       5-10 years
·       Undecided
 
3:16 p.m.      Time Factors: How do you want to sell?
·       Pure sale
·       Long-term transition sale
·       Transition and remain in practice (Succession)
 
3:21 p.m.      Planning for the Rapid (6-12 month) Sale
·       Who are the likely buyers?
 
3:26 p.m.      Planning for the Longer-term Sale or Succession/Transition
·       The importance of developing a timeline
·       Structuring the corporate entity
·       Creating governance and voting rules
·       Creating a written compensation structure
·       Setting an attractive price
·       Expanding the principal’s marketing
·       Developing the firm infrastructure
·       Finding and creating an agreement with the successor
·       Grooming the successor to take over
 
3:51 p.m.      Setting and Reaching the Goal: The payoff
 
4:15 p.m.      Adjourn
 
About the Presenter
 
Speaker Dustin Cole is a Master Practice Advisor, and is President of Attorneys Master Class, one of the nation’s leading attorney practice development organizations. Mr. Cole has trained over ten thousand attorneys across the United States in how to build more successful practices and develop their dream retirements. He brings more than 35 years of experience in every phase of marketing and management to his work with the legal profession.
 
Beyond his work with firms and individual attorneys across the country, Mr. Cole is a frequent keynote speaker at legal organizations nationwide, including the ABA, the Commercial Law League, the Inns of Court, the Association of Legal Administrators, and State Bars in Florida, Texas, Massachusetts, New York, Arizona, Alaska, Tennessee, Louisiana, Colorado and more than twenty other states. Cole has authored articles for Lawyers Weekly, USA, the ABA Law Practice Management Section’s E-News, and many state Bar publications.