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Valuation of a Law Firm and a Law Practice

By James D. Cotterman

Lawyers leaving a law practice have an economic interest in monetizing their career-long investment in building a client portfolio and a referral network. They have invested time, knowledge and care into relationships created to solve clients' problems, advance clients' interests and navigate clients' legal and regulatory responsibilities. They have devoted much effort to establishing professional credentials and a visible presence for their particular experience and expertise. How each lawyer has accomplished this depends on his or her particular practice, market and style. But while the means may vary, the results are the same ' access to clients who have legal needs. And this is the value the acquirers wish to capture.

Part One of this article discusses the current state of law firm valuation, how to determine what it is that is being transferred, and a few of the methods used for valuing a law firm.

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