Offices of Lawyers: SBA business acquisition loan data
96 SBA 7(a) loans since FY2018 financed the purchase of an existing business classified as Offices of Lawyers (NAICS 541110), totaling $75.6M. Median loan $487,500, 24% lower than the all-acquisition median.
The purchase agreement decides what you bought, not the loan approval.
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Reading this industry's numbers
- Deal size. The loan excludes the buyer's equity and any seller note and may include working capital. A loan request far above $995,125 would be in the top quarter of SBA acquisition loans in this industry.
- Share of all acquisitions. This industry is 0.2% of all SBA-financed business purchases, ranking #100 of 300 industries tracked.
- Geography. Washington leads with 17 loans; the top five states account for 53% of the industry's acquisitions.
- Jobs. Lenders reported 1,041 jobs supported across these loans, about 10.8 per acquisition, a rough proxy for the size of business changing hands.
Offices of Lawyers acquisitions by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 8 | $3.4M | $310,600 | |
| FY2019 | 13 | $5.8M | $390,000 | |
| FY2020 | 9 | $4.4M | $350,000 | |
| FY2021 | 16 | $14.9M | $704,500 | |
| FY2022 | 9 | $4.8M | $325,000 | |
| FY2023 | 9 | $8.4M | $651,300 | |
| FY2024 | 3 | $3.7M | $1,139,000 | |
| FY2025 | 14 | $17.8M | $467,500 | |
| FY2026 | 15 | $12.4M | $704,000 |
How often do these acquisition loans fail?
Of the 46 Offices of Lawyers acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 3 have been charged off by the SBA, a rate of 6.5% by loan count and 2.1% by dollars. 25 have already been paid in full.
For comparison, the charge-off rate across all SBA 7(a) acquisition loans in the same cohort is 3.5%, so Offices of Lawyers is 85% higher than the acquisition-loan average. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
The purchase agreement decides what you bought, not the loan approval.
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Top states
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Washington | 17 | 17.7% | $9.4M | |
| 2 | California | 12 | 12.5% | $9M | |
| 3 | Arizona | 8 | 8.3% | $7.9M | |
| 4 | Illinois | 8 | 8.3% | $4.4M | |
| 5 | Florida | 6 | 6.3% | $7.9M | |
| 6 | Minnesota | 5 | 5.2% | $3M | |
| 7 | Colorado | 4 | 4.2% | $1.9M | |
| 8 | Texas | 4 | 4.2% | $1.6M | |
| 9 | Michigan | 3 | 3.1% | $3.5M | |
| 10 | Pennsylvania | 3 | 3.1% | $2.8M |
Most active lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Heritage Bank | 11 | 11.5% | $7.5M | |
| 2 | The Huntington National Bank | 11 | 11.5% | $4.6M | |
| 3 | Live Oak Banking Company | 10 | 10.4% | $9.6M | |
| 4 | KeyBank National Association | 5 | 5.2% | $2.7M | |
| 5 | U.S. Bank, National Association | 5 | 5.2% | $2.1M | |
| 6 | First National Bank of Pennsylvania | 5 | 5.2% | $1.5M | |
| 7 | First Internet Bank of Indiana | 4 | 4.2% | $8.9M | |
| 8 | BOKF, National Association | 3 | 3.1% | $2.7M | |
| 9 | Byline Bank | 3 | 3.1% | $2M | |
| 10 | Plumas Bank | 3 | 3.1% | $1.8M |
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Questions buyers ask
How much is a typical SBA loan to buy a business in Offices of Lawyers?
Median $487,500 across 96 acquisition loans (FY2018 to FY2026); the middle half ran $249,650 to $995,125. That is 24% lower than the $645,250 median for all SBA-financed acquisitions.
Which lenders finance the most Offices of Lawyers acquisitions?
Heritage Bank (11), The Huntington National Bank (11), Live Oak Banking Company (10), KeyBank National Association (5), U.S. Bank, National Association (5).
Are businesses in Offices of Lawyers often franchised?
Rarely. Only 0% of acquisition loans in this industry involved a franchised business; most are independent operators.
How risky are SBA loans for buying a business in Offices of Lawyers?
Of 46 seasoned loans (FY2018 to FY2021), 6.5% charged off, 85% higher than the 3.5% benchmark for all SBA acquisition loans.
What loan terms are common for Offices of Lawyers acquisitions?
Median term 10 years, average initial rate 7.44% at approval (blended across years and fixed/variable structures). Terms longer than 10 years usually indicate real estate was included in the purchase.
Seller note standby terms and third-party consents are reviewed before closing.
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