Jennifer Whigham is the Community Director at Lawyerist.
Today’s guest is Paul Floyd, a business lawyer for lawyers — and a very successful one. Paul may not have an edgy website, but he is a good lawyer who gives good advice, which means he has an enviable law practice without all the virtual offices, alternatives billing arrangements and iPads actually I can’t remember the last time I saw Paul without his iPad.
Among other things, Paul helps lawyers sell their practices, and I wanted to talk to Paul about valuing a practice because I felt like I never got a straight answer when I have asked how to do it. Paul finally explained it so I could understand: the best way to value a law practice is not to value it. That sounds mysterious, but it’s not. Paul explains why it doesn’t really make sense to try to come up with a value for most law firms, and what makes some more valuable than others.