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What Is the Value of Your Law Firm?
There is not much literature available about how a law firm is to be valued ' or if a law firm is capable of valuation at all. A significant debate around this issue is presently underway in the United Kingdom, where deregulation of the legal profession has given rise to a lot of speculation about the future of the legal profession as we know it. The Legal Services Act, which was passed into law at the end of 2007, essentially provides that law firms may be owned by non-lawyers, and many in this context speculate that especially smaller law firms will be bought and sold just like regular businesses. After all, what makes a law firm so different from accounting practices, where buying and selling is commonplace? Since the answer to this question is relevant not only in the UK, but also for law firms in the United States, this article summarizes our approach to law firm valuation which we have tested in the contexts of law firm acquisitions and equity buy-outs.
Law Firm Valuation in Context
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