Determining whether a law firm has the intangible asset of goodwill is often illusive and can be the subject of concern and even dispute among law firm partners. Understanding what goodwill is and when it is included as an asset in a valuation of a partnership may help partners to make decisions concerning how they wish to treat this intangible asset in their partnership and in their partnership agreements.
In this month’s column, we address these issues and analyze a helpful decision from last year, which explores the existence of goodwill in a medical partnership.
What Is Goodwill?
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