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The Dimensions of 'Goodwill' in a Law Practice Sale
One of the thorniest issues in selling a law practice involves the issue of goodwill and how to value it. “Goodwill” is the reputation, client base and client loyalty that have been created over the life of the practice. Every firm represents an investment of years of hard work and financial resources in growing the practice and building goodwill. Goodwill is both an accounting term and a qualitative dimension. Understanding both helps the average lawyer better understand the sale of a law practice.
Qualitative Dimensions
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