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Valuation of a Law Practice
This article builds on the well-articulated valuation principles outlined in the articles appearing in the June 2009 and October 2009 issues of Accounting and Financial Planning for Law Firms. In June, Michael Roch explored a customized approach to law firm valuation based on a thorough evaluation of external influences, internal value drivers and their combined impact on the financial value of the specific law firm valuation target. (See, “What Is the Value of Your Law Firm?,” Michael Roch, Accounting and Financial Planning for Law Firms, Volume 22, Number 6, June 2009.) In October, Edward D. Heben expanded on the reasons to undertake a valuation analysis of a law practice, with emphasis on the limitations in doing so. (See, “What's Your Practice Worth?,” Edward D. Heben, Accounting and Financial Planning for Law Firms, Volume 22, Number 10, Oct. 2009.)
Both Mr. Roch and Mr. Heben have hit the mark with their comments and observations. My firm has emphasized valuation services for over two decades, with a particular recognition for our work with professional service firm valuation, and more particularly in valuing law firms and ownership interests in law firms for a broad array of purposes ranging from dissolution of marriage, estate tax, shareholder disputes, and more recently in engagements to assist law firm ownership to protect and enhance value.
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