Does my lawyer need to be licensed in the state where I buy a business?

by a professional from University of Minnesota - Twin Cities Campus

Dec 18,2020

I've heard it both ways from preliminary conversations with lawyers - some say they can't work outside a state where they are licensed, and others (some who I see comment on this site) are more than willing to work deals in any state. 

Should I wait to identify a target business, and then find a lawyer licensed in that same state, or should I establish a relationship now with a lawyer who is willing to work wherever I find a deal?

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searcher from Massachusetts Institute of Technology - MIT Sloan School of Management

No you do not. You should work with an attorney that you are comfortable working with in whatever State. Competent counsel will then retain local counsel on specific business, State, and employee laws if/when needed during the APA review.

03/29/2022 | like reply | 0 likes

searcher from Northwestern University - Kellogg School of Management

As others have pointed out, a local attorney will be better equipped to spot issues specific to the locality’s law. If you are confident you have a strong local attorney, then he or she should be your first choice. But I would take a strong non-local lawyer over a mediocre local one as the strong non-local lawyer will do a better job mitigating your overall risk.

03/29/2022 | like reply | 0 likes

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