The legal profession by nature encounters far more business valuations and economic damage calculations, in some form or another, than any other occupation or profession. In its simplest form, a business valuation is the act or process of determining the value of a business enterprise or ownership interest therein. Many attorneys nearing the age of retirement are interested in learning the value of their practice in a prospective sale. Although valuation of a law practice is based on the same fundamental concepts and methodologies as formal valuations regularly seen in the judicial system, many other factors affect value in preparation for and during the process of selling a practice.
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