Valuing Your Solo or Small Firm Practice: A Cornerstone of Your Succession Plan (On-Demand CLE)

    Valuing Your Solo or Small Firm Practice: A Cornerstone of Your Succession Plan (On-Demand CLE)
    CLE 60 min

    Valuing Your Solo or Small Firm Practice: A Cornerstone of Your Succession Plan (On-Demand CLE)

    This webinar is part of the GPSolo Series, a range of CLE programs helping General Practice, Solo and Small Firm Practitioners with their legal needs. You will learn how to satisfy your ethical obligations, simplify administration of your estate, and finally, develop a plan to extract value from your firm as a reward for all your efforts to establish a successful practice. It's never too early to start planning so you can leave your family an asset, not a liability.

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    1.00 total credit hours including

    • General

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      Approved

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      Available until:

      12/09/2022

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      12/30/2020

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      Approved

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      12/09/2022

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    • General

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      Approved

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      12/09/2022

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    • Law & Legal Procedure

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      12/09/2024

    1.20 total credit hours including

    • General

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      Approved

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      Available until:

      12/09/2022

    1.00 total credit hours including

    • General

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      Approved

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      Available until:

      12/09/2020

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    • General

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      Self apply

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      Available until:

      12/09/2022

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    Many solo and small firm lawyers leave real value on the table when they close out their practices, in addition to being required to meet Model Rule 1.17, which allows you to sell your practice including good will if certain conditions are satisfied. A comprehensive valuation is one of the cornerstones of the exit planning process. Without a valuation, you will be unable to plan for retirement, do comprehensive tax planning, formulate a good estate plan or understand the full extent of various exit options. A business valuation impacts virtually every component of the exit planning process.

    While law firm owners would like a simple approach to establishing a value for their firms, such an approach does not exist. If you are planning on transferring your ownership interests within a year or two, you should conduct an extensive evaluation process. If you are three to five years away from transferring your ownership interests, a rough estimate should suffice for planning purposes and you should update this estimate annually. There are standard practices for valuation methods and an understanding of these approaches can help you understand the process.

    In sum, this course will help you learn about:

    • Identifying methods of valuating a practice
    • Meeting the ethical requirements to have a transition plan in place
    • Creative and realistic considerations in establishing value
    • Recognizing critical factors when establishing value of your firm

    Product Details

    Moderators

    Deian McBryde

    Panelists

    Gary Paul Bauer

    Product Code

    GP1912VYSOLC

    Duration

    60

    Publication Date

    12/10/2019 12:00:00 AM

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