Whether their practice is a small or large animal practice, or mixed, vets across the sector have to deal with a range of business, regulatory and legal issues - from set-up or partnership buy-in right through to retirement. And vet partners are also now facing further exit strategy challenges, as increased practice values over recent years have made it harder for new partners to be able to buy in to practices, leading to the sale of practices to the corporate groups becoming more prevalent.
With a wealth of healthcare experience and specialist sector knowledge, Thorntons Veterinary Team is on hand to help you negotiate the legal and regulatory challenges involved in running a veterinary practice in Scotland, whether you run an independent vet practice or work as part of a corporate group. From buying or selling a veterinary practice, property matters and business structure advice, through to employment law advice, dealing with regulatory issues that may arise and negotiating an effective exit route, our dedicated, cross-disciplinary team can provide you with clear, practical advice and support.
Ranked as specialists in Healthcare by the UK-wide publications, Legal 500 and Chambers, we are widely recognised as a leading provider of legal services to healthcare professionals in Scotland, drawing on the expertise of our specialists in corporate property and employment law (amongst others) to provide our vet clients with a comprehensive service. With a network of trusted advisers and in-depth knowledge of the profession, we can help clients negotiate the issues in this busy, complex sector.
Knowing the daily demands on vets’ time, we will fit in with your schedule, with appointments available out of hours and at weekends if required, along with video meeting options. We are on hand to help, and always with fee transparency.
How can Thorntons help?
Our healthcare legal specialists can provide veterinary practices with advice and guidance on a wide range of legal matters, including the following.
Buying a veterinary practice
There are many stages involved in acquiring a veterinary practice, from securing finance, to carrying out the necessary legal due diligence, sorting out any property issues and putting in place a bespoke purchase agreement which reflects the nature of your profession and its day to day business. Taking specialist legal advice early in the process can help you anticipate and avoid potential problems, helping bring the deal to completion.
Our Veterinary Team are very experienced in dealing with practice purchases, both in single and multiple site acquisitions, and are on hand to help throughout the process.
We also have a broad range of specialist veterinary contacts in other professions, such as accountants, banks and finance brokers, who we can introduce to our clients if they wish us to.
Practice Succession
Some practices still follow the traditional model of “one in, one out” when it comes to practice succession, and our Veterinary Team can assist with the detail involved in buy-ins and retirements.
However, with practice goodwill values having increased significantly over the years, it can be difficult for vets to buy into a practice, as the cost of doing so can be prohibitive. That has led many practices to an outright sale rather than new vets buying in as their more experienced colleagues retire.
Selling a veterinary practice
The Thorntons Veterinary Team has considerable experience of handling the sale of veterinary practices of all shapes and sizes, and can support you throughout the process. Due to our long association with the Scottish veterinary professions, we can advise on potential routes to sale, and provide input on our experience of dealing with particular buyers (most of whom we have dealt with on multiple occasions). In particular, we have assisted clients selling to most of the corporate groups, and so can bring that experience to make a sale to one of the corporates more straightforward for you.
In the context of sales to corporates, the interest which the Competitions and Markets Authority (CMA) has shown in recent years can be problematic and a potential obstacle. We can help our clients manoeuvre through the CMA process and avoid some of the pitfalls.
Regulatory advice
Our team can help you meet your legal and regulatory obligations and respond quickly if you are the subject of complaint or dispute, representing your interests in any investigation or tribunal.
Retirement planning
From Inheritance Tax (IHT) planning to Wills and Power of Attorney, we can help you plan effectively for your retirement, ensuring you protect your assets released from the sale of your vets practice. Our Solicitors can advise you on your IHT liability, potential exemptions and look ahead to the best way to provide for your proposed beneficiaries.
Employment advice
Our Veterinary Team includes employment law specialists, who can advise you on a wide range of employment law matters, from employment contracts and policies to handling employment claims.
Business structure advice
Our specialist corporate lawyers in our Veterinary Team can advise you on structuring your business, helping you to put in place partnership or shareholder agreements to form a solid basis for your practice going forward. We can also assist where things don’t quite go to plan, such as dealing with partnership disputes.
Property matters
Whether you are buying or selling a practice property, our property experts can advise you throughout the property purchase or sale, helping make the process as smooth as possible for you.
Why Thorntons?
A few reasons why our clients come to us for help
Ranked
by Chambers & Partners and Legal 500 as Healthcare experts
Specialist
team who understand the needs of the veterinary sector
Clear
practical advice and support
Key Contacts
Specialist advice for those in the veterinary sector backed by our team of expert lawyers.
