When it comes to planning your law firm’s succession, a primary area of concern for your successor is whether your clients will choose to work with that successor after you leave. One way to assess this need is to evaluate the type of goodwill that exists with your clients and whether that goodwill carries any transferrable value. Professional Goodwill Many believe that the goodwill of a law practice is usually too personal to have market value. This belief stems from the conventional wisdom that says a client hires an individual lawyer, not a law firm, due to that lawyer’s education, experience, skill and reputation. This type of goodwill is known as professional goodwill. Under most circumstances, it is problematic for a selling lawye… Read More