According to the U.S. Department of Commerce, the private professional service sector grew 2.8 percent in 2010 and represents the largest sector of the economy. As with other growing industries, law firms and other professional practices continuously need to be valued for any number of reasons, including marital dissolutions, shareholder or partner disputes, estate and gift taxes, mergers and acquisitions, and for exit and succession planning.
Like most professional services practices, law firms usually don’t have a lot of machinery, equipment, fixed assets or tangible assets. As a result, the law firm’s value is directly related to the intangible assets of the practice. And goodwill may be the primary intangible asset of a law firm. That’s where the challenge comes in.
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