Ohio

OSBA Issues Tips for Valuing a Law Practice

By Cleveland Law Library

The Ohio State Bar Association has posted a short list of 12 key steps involved in the valuation essential for closing, selling or acquiring a law practice. Some of the more important tips include: the core asset is the attorney's "good will"; law practices are valued lower than the standard measure of purchase price being a multiplier of business revenue; and although the multiplier range is .5 to 1.5 times annual earnings, prices can also be adjusted to reflect staff skills, condition of equipment, and retention of key employees. These and other tips come from the OSBA's online e-book called Officekeeper that OSBA members can access for free.

Full post as published by Cleveland Law Library Weblog on December 11, 2008 (boomark / email).