A lawyer or a law firm may sell or purchase a law practice, or an area of practice, including good will, if the following conditions are satisfied:
(a) the seller ceases to engage in the private practice of law in Colorado, or in the area of practice in Colorado that has been sold;
(b) the entire practice, or the entire area of practice, is sold to one or more lawyers or law firms;
(c) the seller gives written notice to each of the seller’s clients regarding:
(1) the proposed sale;
(2) the client’s right to retain other counsel or to take possession of the file; and
(3) the fact that the client’s consent to the transfer of the client’s files will be presumed if the client does not take any action or does not otherwise object within sixty (60) days of mailing of the notice to the client at the client’s last known address; and
(d) the fees charged clients shall not be increased by reason of the sale.
Source: Entire rule added June 12, 1997, effective July 1, 1997; (i) added and adopted and comment amended and adopted April 18, 2001, effective July 1, 2001; entire Appendix repealed and readopted April 12, 2007, effective January 1, 2008; Comment  amended and effective November 6, 2008.