Throughout their life cycles, most law firms encounter two significant events that give rise to questions about the value of the firm. The first such event is usually the first time the founding partner or partners seek to admit a new equity partner. The second such event is usually the retirement or withdrawal of one or more of the firm’s founders.
Strictly speaking, a law firm is worth only what a qualified and informed buyer would pay for it. Since law firms can only be owned by lawyers, the field of qualified buyers is limited. An informed buyer would be a lawyer or law firm that has intimate knowledge of the subject firm’s client base, skill set, reputation and finances. That limits the field even further.
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