34 WWW.LAWYER-MONTHLY.COM | MAR 2022 THE IMPORTANCE OF EMPLOYEES WHEN BUYING A LAW FIRM Good employees are vital for the lasting growth and success of any legal business. Irrespective of what kind of practice you own, a few key employees can either make or break your business. Prior to putting a business on the market, sellers should take every step possible to build a great team and think about how their employees will impact their firm. They also need to recognise the importance of factoring in employees when considering the acquisition of their business, as this could determine or contribute towards the market value. When buying a law firm, one of the most important elements to be evaluated is its employees, though they are often overlooked once the deal is completed. Repeatedly, buyers and sellers forget about their most valuable asset – their personnel, the current employees. They not only provide key insights into the overall customer experience, but they will also help the new owner build their business. Keeping a team of trusted, respected and motivated employees on board can pay off as they will know the business inside out and have the expertise that will help the new owner. After completing the purchase of a business, there are some new owners who will look to start afresh with all-new employees. Making such changes can be a risky approach that could backfire, so it might be better to consider retaining existing staff when buying a firm. When Simon Fraser, Partner Business Partnership Business Partnership House, 5 Chancery Lane, London, WC2A 1LG Tel: +44 02071 450040 E: enquiry@business-partnership.com www.business-partnership.com The question of how to handle existing employees when acquiring a firm is an important sticking point for any business, especially in the legal sector. Simon Fraser, Regional Partner of Business Partnership, outlines why employees are one of the most important factors when buying a law firm and shares reasons to retain existing staff to help continuity of the business. The Importance of Employees When Buying a Law Firm Simon Fraser is a regional partner of Business Partnership, a unique national franchise network of UK-wide regional offices connecting business sellers with business buyers. A former banker, Simon has a background in commercial lending, providing him with a great deal of experience in understanding businesses and interpreting their financial accounts to better advise business owners.
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