The key to increasing the valuation multiple for small legal practice goodwill

Small Legal Practice Goodwill

The key to increasing the valuation multiple for small legal practice goodwill As a lawyer, you will probably be familiar with the usual approach to valuing a business. The usual approach is based on the valuation of future maintainable profits. If you aren’t that familiar with that method, you can review that method by visiting a previous article below: Link to […]

My client is buying a small law firm in Sydney for $1, but both buyer and seller are happy!

Buying a small law firm

Buying a Small Law Firm – It is a buyers market but sellers are just  happy to get anything at all Just the other day one of my small law firm clients was buying a small law firm with fees of annual $200,000 to add to their existing practice. They paid the seller exactly $1. Both buyer and seller were […]

Factors having the greatest influence on small law firm profits in 2014

Small law firm profits in 2014

What factors will have the greatest influence on small law firm profits in 2014? Macquarie Bank who is a major lender to small and medium sized law firms publishes an annual survey of small law firms that reveals some very interesting information that you can use to the benefit of your practice. One of the results of the survey that […]

The Cruel Joke Being Played on the Legal Profession

cruel joke on the legal profession

The Cruel Joke Being Played on the Legal Profession Somewhere, by someone, the rumour was started that smaller legal practices (and bigger ones too, for that matter) have little goodwill value on sale. Now like all businesses, there are firms that rightly should have little or no value. Those ones that produce little or no profit for the law firm […]

Legal Practice Management – Five strategies to help you sell your law firm for more

Sell Your Law Firm / Law Firm Valuation Are you likely to ever want to sell your law firm? If so, the chances are you will want to get a good price for your many years of hard work in developing it. To read the rest of my article published in the Australasian Law Management Journal  If you want to read more on this […]

Valuation of law firm goodwill

Valuation of Law firm goodwill

Valuation of Law Firm Goodwill in Small Law Firms When selling  small law firms or a share of the equity in it, the question arises as to what is the goodwill of the practice worth? Talking with Ian Hyman the CEO of Hymans Valuers and Auctioneers, he indicates that he would normally use the future maintainable earnings of the law […]

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Small Law Firm Blog

How to price legal services to attract high quality referrals? This is part five of a series on the top five concerns lawyers have about getting referrals. To recap, I have just concluded a survey of small law firms where I asked then what their biggest concerns were in regard to getting referrals from people within their professional network. From […]

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Testimonials

TO WHOM IT MAY CONCERN Practice consultant, Colin Ritchie, presented a talk to our Society’s members on 28th March, 2012 titled “Why accountants make money and lawyers do not- and what you can do about it”. This talk was particularly relevant for the principals of smaller legal practices who make up the majority of our members. I especially appreciated Colin […]

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