Generally, the answer is an all too familiar: Yes, but ... When it comes to products that may verge on the practice of law, or may be ancillary or related to actual client matters, there are some significant matters to consider.
Newspaper, telephone directory, radio, television, and Internet ads, along with direct mail, can make you familiar with the names of lawyers who may be appropriate for your legal needs. Some ads also will help you determine a lawyer's area of expertise.
Yes, professional sales are something new for law firms. But those who have done it well agree that hiring an experienced salesperson may be the best thing the firm ever did.
Law practices will typically sell for a multiple of anywhere from . 5 to 1.5 of average annual revenues. Therefore, a practice with average annual revenues of $500,000 may sell for anywhere from $250,000 to $750,000.
Attorney vs Lawyer: Comparing Definitions Lawyers are people who have gone to law school and often may have taken and passed the bar exam. Attorney has French origins, and stems from a word meaning to act on the behalf of others. The term attorney is an abbreviated form of the formal title 'attorney at law'.
So if you're curious, use these five quick ways to research whether your lawyer is legit:State Bar Profile. Every lawyer who is licensed to practice law in your home state must be listed in your state bar association's directory. ... Google / Search Engines. ... Yelp. ... The Attorney's Own Website. ... Third-Party Rating Groups.
Lawyers and salesmen often come from different educational backgrounds, but the biggest difference between them is what they are selling: salesmen sell services and products and lawyers sell their client's case or position.
Here, a value for a law firm is determined by averaging, typically, the past five years' worth of that firm's gross fee revenues. Then, a factor of between 0.5 and 3.0 is applied, depending on a number of considerations revolving around the expected ability for those revenues to stay the same or increase in the future.
The method to value another lawyer's business is very similar to the internal transfer method of valuing the capital of a partner. Essentially, the business is valued on the net book value cash basis balance sheet. Reasonable due diligence should be conducted as one would for any business transaction.
The most common business valuation methods used when valuing a professional practice are:Excess earnings (hybrid of an asset and income approach)Discounted cash flow or capitalized cash flow method.Guideline transaction method (i.e., market multiples from similar transactions)More items...•
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YP - The Real Yellow Pages SM - helps you find the right local businesses to meet your specific needs. Search results are sorted by a combination of factors to give you a set of choices in response to your search criteria. These factors are similar to those you might use to determine which business to select from a local Yellow Pages directory, including proximity to where you are searching, expertise in the specific services or products you need, and comprehensive business information to help evaluate a business's suitability for you. “Preferred” listings, or those with featured website buttons, indicate YP advertisers who directly provide information about their businesses to help consumers make more informed buying decisions. YP advertisers receive higher placement in the default ordering of search results and may appear in sponsored listings on the top, side, or bottom of the search results page.
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