How a Business Hired a Lawyer to Draft a Buyout Agreement in New York

In 2023, a business in New York sought assistance with drafting a buyout agreement for the retiring physician of a small group private practice. The client aimed to facilitate the transfer of shares and goodwill, ensuring all terms were clearly outlined, including specific amounts for both share transference and goodwill. The arrangement was particularly sensitive due to the nature of the practice and the involvement of multiple stakeholders. As a result, the client received nine proposals from qualified attorneys, with flat fee bids ranging from $499 to $2,150. All proposals were submitted in alignment with the client's requested deadline of less than one week.