» Selling Your Practice

Appraising a Law Firm for a Buy-In: CPA’s Need Not Apply

You own a small law firm. For the first time, you want to make one of your associates a partial owner. But how do you determine the price of admission for the “buy-in?” ... Read More

A Rule of Thumb for Valuing a Law Practice Is Not to Use the Rule of Thumb

Solo practitioners and small law firm owners wanting to know what their practices are worth frequently rely on the “rule of thumb” valuation method. The choice is an easy one to make, because the method is simple; even lawyers who can barely read a balance sheet or a profit and loss statement can understand it. ... Read More

A Better Way to Value a Law Practice

“So, what’s my law practice worth, Roy?” If only I had a dollar for every time someone has asked me this question… No one really liked my old answer to that question: “Whatever someone is willing to pay you.” So instead I turned to posing a hypothetical. Will the Phone Keep Ringing? When a client asks me what their practice is worth, I pose the following: Imagine it is Friday afternoon. You’ve been running a successful law practice, but are now ready to ride off into the retirement sunset at the close of business that day. When Monday morning rolls around, will your existing clients or potential new clients call you and be willing to work with your replacement? If your answer is “no,” your practice is probably worth little… Read More

What You Need to Know in Order to Sell a Law Practice

For years, selling a law practice was prohibited because ethics regulators believed clients, files, and a firm’s good will were not something that could be sold. This prohibition did not really affect larger law firms, which would just buy out partners, i.e. the partnership would return the percentage of the equity owned by the retiring partner. Smaller law firms were able to “sell” themselves by merging with other firms. Continue reading this post on www.lawyerist.com Read More

How To Determine If Your Law Practice Is Worth Anything

Frequently, soon-to-be-retired solo practitioners or small law firm owners want to know if it is worth the effort to sell their practices. By far, the most significant determinant of the answer to this question is whether and for how long the practice can continue to produce revenue once the seller is gone. Continue reading this post at www.lawyerist.com Read More

Buying a Law Practice Makes Sense

As baby boomers age and start to think about retirement, these lawyers begin to think about selling their legal practices. At the same time, younger lawyers are looking for ways to expand or diversify their practices. They are also thinking about buying a law practice. Continue reading this post at www.lawyerist.com Read More

Buying a Law Practice

Even with the best of marketing tactics, the time needed to build a successful law practice is usually measured in years. There is one tactic that—if properly executed—can help you attain an established practice practically overnight. That tactic is buying rather than building a practice. Continue reading this post at www.lawyerist.com Read More
In its simplest terms, we hired Roy to help plan our future. He listened to our concerns, analyzed our inputs after pertinent questioning on his part and then did an excellent job summarizing the issues our firm must meet to make forward progress. Ro…" Read the rest
– Owners, U.S. Virgin Islands, law firm

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