Yes it is. We have been involved in transactions for the sale of sole practitioner law firms on numerous occasions and whilst they are not for everybody the firms do still have a value.
A couple of things you could consider doing to increase the chances of sale
- Convert your business into a limited company and
- Make sure there are some other fee earners in the business as well as yourself.
Both easier said than done, but the limited company point is particularly important. It is much easier for a buyer to purchase a limited company than it is to take over a sole practitioner’s business – if you are a limited company the buyer can simply enter into a Share Purchase Agreement and become or appoint a director.
If possible, have a think about converting, although we would usually recommend taking the usual tax and legal advice to ensure that this is the solution for you.
In summary – yes sole practitioner SRA regulated law firms do have a value and it is possible to sell them, but they are harder than other entities to sell – usually because the business will lack specific assets (eg other fee earners) rather than because you are a sole practitioner per se.