A letter of intent sets the framework for your entire deal. Most LOI terms are described as non-binding, but the price structure, rollover equity, and post-sale employment terms it outlines become the starting point for everything that follows. Reopening them after you sign is much harder.
We negotiate physician employment contracts every day. In a practice sale, your new employment agreement and non-compete often matter as much as the purchase price, and we review them alongside the deal terms instead of treating them as an afterthought.
Transaction value reflects matters handled across McCormick Law & Consulting and its divisions. Past results do not guarantee a similar outcome.
Practice transactions are priced on a fixed fee based on the size, complexity, components, and structure of the deal. Fees are billed in phases, with certain payments due at set phases and some due at closing. You owe a phase only if the deal reaches it.
Usually only in part. Most LOIs state that the economic terms are non-binding, while provisions such as exclusivity, confidentiality, and sometimes expense terms are binding. The exact wording controls, so it should be reviewed before you sign.
Before you sign the LOI. Once exclusivity starts, it is harder to change the price structure, rollover terms, or your employment terms.
We represent physicians and physician-owned practices, whether buying or selling. We do not represent hospitals or health systems.
Yes. Consultations are free for physicians buying or selling a practice.
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