Anyone can own a law firm, they don't cost anything and its really straightforward to make money out of the law. Jonathan Fagan Business Brokers dispel the myths around law firm ownership in the UK.

MOLD, Wales - Oct. 14, 2024 - PRLog -- Jonathan Fagan Business Brokers Limited have launched a new guide for anyone looking to purchase a law firm. The guide is 24 pages long and contains detailed advice and information on purchasing law firms for anyone considering entering the legal profession or a solicitor looking at buying into a practice.

Jonathan Fagan, MD of JFBB Limited, explained: "there is a lot of confusion swirling around on the internet in relation to law firm purchases. Firstly that law firms are not worth anything, secondly that anyone can run them, and thirdly that its really easy own and operate one. All of this is complete nonsense and we hope our guide explains in practical terms exactly what is involved. With a bit of luck we can put a number of myths to bed and give helpful professional advice to those who probably need it most before they start out on this journey."

The contents include the following:

• Explanation of the Types of Law Firm
  • Sole Practitioner
  • Partnerships
  • Limited Liability Partnerships (LLPs)
  • Limited Companies
• Disciplinary Action – Implications
• Insurance Levels
• Law Firm Structure Statistics
• Who Can Own A Law Firm (key section!)
  • Traditional SRA Regulated Law Firm
  • Traditional CLC Regulated Law Firm
  • ABS
• Professional Indemnity Insurance (key section!)
  • What is PII?
  • Run Off Cover
  • What Effect Does PII Have On Law Firm Acquisitions?
• Law Firm Values
  • Buyers Circumstances
  • Sellers Requirements
  • Valuation Services
• Sales Procedure – a Rough Outline
• Buying a Law Firm – a Unique Experience
• Getting a Bargain?
• Trusting the Buyer
• Law Firm Sales are Emotional
• Finance
• Location
• Shell Law Firms
• Staff & Recruitment
• Our Services, including details of our Enhanced Buyer Service