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You have two options when it comes to selling and valuing a law practice. You can have an associate buy you out or transition your practice to a third party. Either way, you must answer the question:
“How much is my law firm worth?”
The honest answer isn’t very helpful: “Whatever someone is willing to pay for it.” The problem is, most lawyers can do little more than guess what that might be. But knowing what to ask for your law practice is critically important. Ask for too much, and potential buyers might balk. Ask for too little, and you walk away leaving money on the table. Here is our guide on valuing a law practice.
Why is it so hard to figure out what your law firm is worth? There are a lot of reasons:
In short, it can be very difficult to know the value of your law firm without either a crystal ball or experienced guidance. And while crystal balls are in short supply, the guidance you need is available.
Have questions about valuing your law firm? Read our Valuing a Law Firm FAQs for answers.
Law firms are different from any other business. Although a CPA or professional appraiser may be able to value other professional practices such as accounting, dental, or medical offices, law firm appraisals require an understanding the marketplace and knowledge of different legal practice areas.
Roy Ginsburg has been a practicing attorney for over 35 years and a lawyer coach and consultant for over 15 years. He has helped over 100 lawyers exit their practices with confidence, including dozens of appraisals and sales. He can help you do the same, starting with the critical step of valuing your practice.
I hired Roy to value my firm because of his experience in this area and his background as an attorney. His appraisal was logical and his analysis was succinct. The fact that Roy’s report provided a range of values, rather than precise number, created an intellectually honest and credible work product. Overall, Roy’s appraisal was very helpful to put my exit strategy deal together.