Putting a price on your firm – How professional valuators appraise law practices
Abstract: Many situations can trigger the need for a law firm’s appraisal — including insurance coverage, a partner’s divorce, capital buy-ins of new partners, firm dissolution and mergers. There are specific ways that law firms create — or diminish — value. This article discusses some of these “value drivers” and how the three most common business valuation methods are applied. But, as a sidebar notes in regard to one divorce case, valuators often disagree about the same professional practice interest.