So, What’s My Law Firm Worth?

December 1st, 2021
It should come as no surprise that the question most prospective clients ask me is, “What is my law firm worth?” My response is always as follows: Imagine it’s Friday afternoon and you ride off into the retirement sunset never to return to the practice of law. Then, on Monday morning, the phone rings at your old desk, and your successor answers. ... Read More
Categories: Selling a Law Practice
Tags: law firm valuation, value of a law practice, what is my law firm worth, whats it worth

Buying a Firm That’s Dependent on Marketing & Advertising Dollars

October 5th, 2021
When purchasing a law practice, buyers seek revenue they ordinarily could not obtain on their own. For example, buyers hope that, with the proper introductions, the relationships that a seller has with repeat clients can be successfully transitioned to the buyer. The same can be said for a seller’s referral network, be they former clients or other professionals. ... Read More
Categories: Selling a Law Practice

Pricing a Law Firm When Selling to an Insider

August 2nd, 2021
I always tell clients that my appraisal provides an excellent starting point for negotiating the price of a law firm with an insider, but that it is unlikely that it will be the final word. While it may sound like a cliché, for most small firm insider deals, parties ultimately agree on a price that seems “fair.” ... Read More
Categories: Selling a Law Practice

Appraising a Law Practice in Different Settings

June 2nd, 2021

Law practices are often valued in divorce proceedings. As such, lawyers frequently assume that it should be relatively easy to apply similar valuation principles when trying to sell a practice. Nothing can be further from the truth.

... Read More
Categories: Selling a Law Practice

Buying a Law Practice: Not as Risky or Complicated as You Think

April 2nd, 2021
Purchasing another lawyer’s practice is fast becoming a popular and more common way to grow or diversify one’s law firm. There are three main reasons for this: ... Read More
Categories: Selling a Law Practice

Paying a Premium for a “System”

February 1st, 2021
Appraising a law firm requires assessing numerous factors. During the appraisal process, some attorneys will say to me something along the lines of, “In my law firm, I’ve got this great system that can…. That alone should be worth…” The marketplace for law firms doesn’t work like that, however. Here’s why. ... Read More
Categories: Selling a Law Practice

An Overlooked Obstacle to Succession Planning

January 4th, 2021
Law firm succession planning is certainly getting its share of attention these days. It makes sense, too, considering one-third of the attorney population will be made up of boomer lawyers (those 65 years of age or older) within the next 10 years. ... Read More
Categories: Selling a Law Practice

Assessing a Law Firm’s Revenue: All Is Not Created Equally

November 2nd, 2020
One of my truisms for valuing a law practice is that “all revenue is not created equally.” For example, revenue that stems from past clients or one’s referral network is far more valuable than the revenue generated from seminars or webinars. ... Read More
Categories: Selling a Law Practice

What Can Law Firm Sellers Ethically Do During a Transition?

July 13th, 2020
Rule 1.17 of the Model Rules of Professional Conduct states that after a sale, sellers must “cease to engage in the private practice of law.” Does that mean you must hand over the keys, walk out the door, and immediately ride off into retirement sunset? And if the answer is yes, how is that realistically possible? ... Read More
Categories: Selling a Law Practice

Finding Buyers for Your Law Practice

November 11th, 2019
There are a variety of ways to find buyers. Some attorneys try to do it on their own. From a DIY perspective, usually the best ways to get the word out that you’re looking for a buyer are through networking and advertising. Others who don’t want to take the time and effort to find buyers on their own rely on consultants and brokers. Besides saving time, using outside experts provides other advantages from the DIY method. They include: ... Read More
Categories: Selling a Law Practice
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Roy quickly grasped the nature of my practice and provided an easy to understand appraisal of its value and suggested next steps. I was extremely pleased with his services. He did a great job!

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Blog Index

So, What’s My Law Firm Worth?
Buying a Firm That’s Dependent on Marketing & Advertising Dollars
Pricing a Law Firm When Selling to an Insider
Appraising a Law Practice in Different Settings
Buying a Law Practice: Not as Risky or Complicated as You Think
Working Part-Time Before Retiring From Your Law Practice
Paying a Premium for a “System”
An Overlooked Obstacle to Succession Planning
Assessing a Law Firm’s Revenue: All Is Not Created Equally
Succession Planning Challenges? Don’t Let Them Hold You Back.
Reassessing When to Retire During a Pandemic
What Can Law Firm Sellers Ethically Do During a Transition?
Practice Makes Perfect, Even When Planning for Retirement
Hypocrisy and Selfishness Abound When Failing to Plan for Succession
Recruiting Your Successor (Promising Premise, Perilous in Practice)

See our complete Blog Index.

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