Interview: Paul Floyd

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Today’s guest is Paul Floyd, a business lawyer for lawyers — and a very successful one. Paul may not have an edgy website, but he is a good lawyer who gives good advice, which means he has an enviable law practice without all the virtual offices, alternatives billing arrangements and iPads actually I can’t remember the last time I saw Paul without his iPad.

Among other things, Paul helps lawyers sell their practices, and I wanted to talk to Paul about valuing a practice because I felt like I never got a straight answer when I have asked how to do it. Paul finally explained it so I could understand: the best way to value a law practice is not to value it. That sounds mysterious, but it’s not. Paul explains why it doesn’t really make sense to try to come up with a value for most law firms, and what makes some more valuable than others.

Question: How Do You Calculate Flat Fees When Starting Out?

This question comes from our forum. Aaron and I offer our own suggestions for coming up with flat fees early on in your legal career.

(By the way, we know that Aaron’s mic is too echo-y in this segment. We didn’t have a chance to fix it before we finalized this episode, but the echo should be gone by Episode 3.)

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