Law Firm Focused on Foreclosures, Default Servicing NE Tri-State
| Asking Price: | $1,700,000 |
| Gross Revenue: | $1,062,000 |
| Established Year: | 1991 |
| Cash Flow: | $741,000 |
| FF&E: | $8,000 |
Law firm with two principal partners with a 30+ years stellar reputation focused on foreclosures, bankruptcy, REO sales and evictions as well as personal injury and worker’s compensation looking to be acquired. Company revenue mainly comes from mortgage servicing companies. The firm is 95% focused on foreclosures and bankruptcies with less than 5% on evictions. As of March 2024, the firm has an estimated 250 open files and 176 pending actions. The firm currently serves 15 active clients, with the majority of income from mortgage servicing companies concentrated among 4 primary clients. After the decline of foreclosures during the pandemic, foreclosures rose by 136.7% in 2022 with continued increase in foreclosures year-over-year.
After over three decades of independent management, the firm's partners are seeking a change in their professional rhythm. They have decided to pursue an acquisition to benefit from larger-scale operational efficiencies. The ideal acquiring entity would be a more substantial firm willing to integrate the partners into their fold and continue their employment for a transitionary period.
