Law & Accountancy Firm Sales - Business Brokers

FAQ

Yes we do. Whether you use our brokerage services or not, we can provide buyers (and sellers) with due diligence services.

Sellers can use our service to put everything in place ready for a sale and go through due diligence at the outset so any problems or issues can be addressed.

Buyers can use the service to save time and effort arranging for due diligence to be dealt with.

All services are provided by an experienced professional with former experience at finance director level of a leading regional law firm.

Contact us to request a quote.

Yes we do – all formal valuations are carried out by a former finance director from a leading regional law firm, together with input from Jonathan Fagan to give details of recent applicable deals by way of comparison.

We can provide a very rough outline of a valuation over the phone without charge – just arrange a time to speak to Jonathan Fagan – we are always happy to give an opinion if we can.

Our company also offers a paid formal valuation service to law firms, with a full written report and an explanation of all figures.

Please contact us for further details.

Owners of law firms and accountancy practices can be assured that any data sent to Jonathan Fagan is kept highly confidential. We never release any information about your business without your express consent in every circumstance and we do not divulge any detail to third parties.

All buyers and sellers sign a non-disclosure agreement at the start of the process and we renew these with potential buyers every 12 months.

In relation to IT & data security we adhere to the Cyber Essential principles and also ISO 27001. Our sister companies Ten-Percent.co.uk Limited and TP Transcriptions Limited are Cyber Essential and ISO 27001 accredited respectively.

We are registered with the Information Commissioner’s Office as data controllers.

Our IT system is constantly updated and our servers are protected by a high spec Sophos firewall. Our website is protected by Sucuri.

Jonathan Fagan is part of the Ten Percent Group of websites, which include legal & financial recruitment services. All details regarding law firms & accountancy practices for sale and their owners are kept completely separate on a different system.

We have a list of questions to ask yourself when you are preparing to sell your law firm: https://www.ten-percent.co.uk/questions-to-ask-yourself-when-preparing-for-the-sale-of-a-law-firm/

We offer very straightforward fees.

Sellers pay no fees.

Buyers pay a fixed fee, agreed at the outset, if a deal occurs. No deal, no fee.

And that’s it.

Further Details

Our buyer fees tend to range from around £5k plus VAT up to £10k plus VAT, depending on the size of the firm for sale and the perceived complexity and involvement for us in any deal. We never change the fee once it has been agreed at the outset, even if the deal takes months to conclude.

Sellers pay no fees to list their firm for sale and we do not charge any fees to assist with negotiations, discussions, advice on strategy, verbal valuations or provide information.

Buyers pay nothing to access our information services online, assistance with negotiations, strategy advice, discussions and anything else we can assist with. We do of course charge a fee if a deal takes place (or you recruit staff from the target firm).

We provide formal law firm valuations and law firm & accountancy practice due diligence services separately from our broker service. Search the menu above for details.

Sales Procedure – a Rough Outline

A very rough outline of the procedure is as follows:

  1. All parties sign confidentiality undertakings.
  2. We agree terms with the buyer.
  3. The buyer is provided with information about the practice for sale.
  4. The parties meet or speak about plans and proposals. Proposals can be as varied as the partners of the selling firm joining the buyer’s practice or the selling partners accepting a lump sum in cash to exit the business.
  5. A ‘heads of terms’ (also known as a HoT) is drafted and agreed. This sets out a timetable for the acquisition and specifies who does what and when. It is rarely legally binding – just an outline of the intentions of both parties.
  6. A deal is reached and completion takes place. The buyer pays us an introduction fee – this varies according to the sale/purchase in question.

As coincidence has it, we have a guide to selling a law firm available right here – no charge! If you have any questions about any of the advice or content, please contact us.

https://www.ten-percent.co.uk/how-to-sell-a-small-medium-sized-law-firm-by-jonathan-fagan-ten-percent-legal/

JonathanFagan.co.uk is a specialist business broker service and part of the Ten-Percent group of Legal & Financial Recruitment websites based in the UK. We assist with national and international legal jobs for lawyers and legal staff as well as accountants and finance professionals. Throughout our trading history we have been involved in sales and mergers of law & accountancy firms. Jonathan Fagan is Managing Director of Ten-Percent.co.uk Limited and undertakes all sales and mergers work on behalf of our company. and this is our specialist broker website.

For law firm recruitment please visit the main Ten Percent Legal Recruitment website for permanent roles and Interim Lawyers for locum roles. For accountancy firm recruitment please visit the Ten Percent Financial Recruitment website.

Jonathan Fagan is a trading name of TP Recruitment Limited, a privately owned company.

Who is Jonathan Fagan?

Jonathan Fagan LLM FIRP Cert RP is a qualified solicitor and Managing Director of TP Recruitment Limited. He studied law at Leicester University and Frankfurt University before completing his training with a specialist practice in Leicester. On qualification he worked for a Chambers-listed solicitors’ firm in Nottingham before founding Ten Percent Legal Recruitment, Interim Lawyers and Ten Percent Financial Recruitment in 2000. Jonathan set up the Ten-Percent Foundation in 2003, a charitable trust linked to the trading companies and handling the 10% charitable donations we make every year (hence our name).

Jonathan personally handles all business sales and purchases. We have a database of over 300 registered buyers and we send out regular updates to over 8,000 law firms via our recruitment network. Our companies have worked with over 2,500 law firms and accountancy firms since April 2000.

Jonathan is editor of the Legal Recruitment News, and Accountancy Recruitment News, both monthly newsletter updates for Employers and Candidates in law and accountancy. He is the author of The Guide to Writing a Legal CV, Interview Answers for Lawyers and the Interview Guide for Lawyers (available at our bookshop) and has lectured in the past at Huddersfield University on CV Preparation, Interview Practice and Legal Careers for LPC students. You can read his award-winning Legal Recruitment blog here, which contains advice on interview questions, recruitment tips for firms and candidates, as well as commentary on the legal job market. You can also read his regularly updated Ten Percent Article Bank here.