610-550-9612
Law Firm Valuations
Bill is a Certified Valuation Analyst (CVA) and provides business valuation services in conformance with the professional standards of the National Association of Certified Valuators and Analysts (NACVA). Bill values law firms exclusively and has experience valuing law firms for a variety of reasons. Law firms may need to be valued for one of the following reasons:
Capital Buy-in of a New Partner/Shareholder
Capital Buy-out of a Retiring/Withdrawing Owner
Merger or Acquisition
Dissolution of a Firm
Litigation between Partners/Former Partners Relating to a Law Firm's Value
Divorce of a Law Firm Partner/Shareholder
Goodwill Valuation for a Divorce Proceeding
Bill has experience valuing law firms for all of the above reasons.
Valuation experts use the following approaches:
Market Value Approach
Income-Based Approach
Asset-Based Approach
Bill wrote a chapter titled “An Overview of Law Firm Valuation for Family Lawyers” for Wolters Kluwer’s book Valuing Professional Practices and Licenses in 2009 and updated this chapter in 2011, 2014 and again in 2019. This chapter details each of the above valuation methodologies and is relied upon by CPAs across the country when they value law firms.
Based on his experience working with many law firms on valuation issues, as well as his involvement in many law firm mergers and acquisitions, Bill recommends a specific approach to law firm valuation that is both practical and reflects his real world knowledge of law firms. This approach has been battle tested in numerous consulting engagements with excellent results.
One example of Bill’s successes occurred in 2017 where Bill served as an expert witness in a lawsuit involving the valuation of a law firm. The case was decided by the court and was subsequently appealed to the Supreme Court of the state of Nebraska, which summarized the trial court's decision:
"In regards to Brennan's opinion, the trial court noted his vast experience in valuating law firms, including working for over 500 law firms, working as an accountant and auditor, and serving as chief financial officer and executive director for two law firms. ... Ultimately, the trial court expressly based its findings on a credibility determination which accepted Brennan's version of the facts over ... <the three experts from two regional CPA firms retained by the former partner>. The court found Brennan's testimony credible and controlling."
If you need a fair and reliable valuation of your law firm, call Bill at 610-550-9612 or email him at Bill@BrennanStrategy.com .