diff --git a/linkit.install b/linkit.install
index e4ce707..42a777d 100644
--- a/linkit.install
+++ b/linkit.install
@@ -78,4 +78,118 @@ function linkit_schema() {
     ),
   );
   return $schema;
+}
+
+/**
+ * Migrate settings from v2 to v3
+ */
+function linkit_update_7301() {
+
+  // Get old profiles.
+  $old_profiles = db_query("SELECT * FROM {linkit_profiles} ORDER BY weight DESC");
+  //Drop redundant fields
+  db_drop_field('linkit_profiles', 'role_rids');
+  db_drop_field('linkit_profiles', 'weight');
+  db_add_field('linkit_profiles', 'profile_type',
+    array(
+      'type' => 'varchar',
+      'length' => 128,
+      'not null' => TRUE,
+      'description' => 'The profile type.',
+      'default' => ''
+    )
+  );
+  db_add_field('linkit_profiles', 'admin_description',
+    array(
+      'type' => 'text',
+      'size' => 'medium',
+      'description' => 'Administrative description for this profile.',
+     )
+  );
+
+
+  foreach ($old_profiles as $profile) {
+    $data = unserialize($profile->data);
+
+    // Rename the plugins
+    $data['search_plugins'] = $data['plugins'];
+    unset($data['plugins']);
+    $data['attribute_plugins'] = $data['attributes'];
+    unset($data['plugins']);
+    $data['attribute_plugins']['target'] = array(
+      'enabled' => 0,
+      'weight' => -10,
+    );
+
+    // Add new plugins
+    $data['insert_plugin'] = array(
+      'plugin' => 'raw_url',
+      'url_method' => 1,
+    );
+
+    // Remove reverse_menu_trail
+    foreach ($data as $key => $item) {
+      if(strstr($key, 'entity:')) {
+        unset($data[$key]['reverse_menu_trail']);
+      }
+    }
+
+    $profile->data = serialize($data);
+
+    // All old profiles are migrated as field profiles
+    // Do the update.
+    db_update('linkit_profiles')
+    ->fields(array(
+      'data' => $profile->data,
+      'profile_type' => "2"
+    ))
+    ->condition('pid', $profile->pid)
+    ->execute();
+
+    // Store the weightest profile
+    $weightest_profile = clone $profile;
+
+    // Insert an editor profile for every field profile
+        // Copy the prfoile for latter usage
+    $profile_editor = clone $profile;
+    $profile_editor->pid = NULL;
+    $data = unserialize($profile_editor->data);
+    $data['text_formats'] = array(
+      'full_html' => 'full_html',
+      'filtered_html' => 0,
+      'plain_text' => 0
+    );
+    $profile_editor->data = serialize($data);
+    $profile_editor->name = $profile_editor->name . '_editor';
+    $profile_editor->admin_title = $profile_editor->admin_title . ' [editor]';
+    $profile_editor->profile_type = 1;
+    $profile_editor->admin_description = '';
+    unset($profile_editor->role_rids, $profile_editor->weight);
+
+    db_insert('linkit_profiles')
+    ->fields((array)$profile_editor)
+    ->execute();
+
+  }
+
+  // Update the field instances with the weightest profile
+  $instances_info = field_info_instances();
+  foreach ($instances_info as $entity_type_name => $entity_type) {
+    foreach ($entity_type as $bundle_name => $bundle) {
+      foreach ($bundle as $field_name => $field) {
+        if(isset($field['settings'], $field['settings']['linkit'])) {
+          $settings = &$field['settings']['linkit'];
+          $settings['button_text'] = 'Search';
+          unset($settings['insert_plugin']);
+          if($settings['enable']) {
+            $settings['profile'] = $weightest_profile->name;
+          }
+          else {
+            $settings['profile'] = '';
+          }
+          field_update_instance($field);
+        }
+      }
+    }
+  }
 }
\ No newline at end of file