July 15, 2021 1:00 pm
Hosted by the ABA
Practice valuation is a central to understanding a firm’s ability to secure loan financing, negotiate firm mergers and collaborations, and a host of other important business matters, including but not limited to the value of a firm upon sale. Join this panel of experts as they dive into valuation of a law firm.
It’s common for dentists or doctors to sell their practices but far less common for lawyers to do so. Yet, buying and selling of law practices is a legitimate option for the development, growth, and conclusion of a lawyer’s professional efforts. Many lawyers who spend years building up a law practice often leave significant money on the table when they retire and simply “shut down” their practices.
The Law Practice Division Finance Committee has put this program together to help lawyers and law firms take the first step to understanding the value inherent in their practices. We’ll discuss obvious things like revenue and net profit but also intangibles like staff, an attorney’s reputation, their client base, and more.
Attendees can expect to learn the following:
- Explore possible ethics problems and how to avoid them in preparing a practice for sale and selling a practice.
- Explore valuation options other than a sale and how a lawyer or law firm can find a buyer.
- Discuss lawyers and law firms should think about value from both a monetary and ethical point of view.