TBA Law Blog

Posted by: Brittany Sims on Oct 8, 2014

The American Bar Association standing committee on ethics and professional responsibility today issued Formal Opinion 468 regarding the sale of a law practice by a lawyer or firm. The opinion states that the seller must “cease to engage in the private practice of law, or in the area of practice that has been sold, in the relevant jurisdiction or geographic area.” Additionally, while the seller may assist the buyer in the orderly transition of active clients, neither party may bill clients for time spent only on the transition of matters.