4 Components to Valuing a Law Firm
The value of an attorney’s law practice consists of the following 4 components:
The client list;
The referral source;
The goodwill of a Senior Attorney and the Senior Attorney’s law firm; and
The subject matter knowledge of a Senior Attorney and the Senior Attorney’s law firm.
As Jeremy E. Poock, Esq. explains, a Senior Attorney’s client list and referral source list can lose value over time for the following reason:
As Senior Attorneys age, their clients and referral sources age, too, which effects the value of a Senior Attorney’s practice.
As Poock also points out, adding new clients and referral sources has become more difficult for Senior Attorneys post-2020 when competing against Growing Law Firms who continue expanding their digital marketing efforts to develop new business (egs. Google, LinkedIn, Twitter, YouTube, and more).
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