Podcast #2: Paul Floyd on How to Value and Sell a Law Practice

Interview: Paul Floyd


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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Thanks to Ruby Receptionists for sponsoring this episode of our podcast.

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  1. Avatar Lauran Thompson says:

    This podcast was full of useful information. I am the operations manager for a small firm and we are exploring various transition strategies. I found myself taking lots of notes. Thank you.

  2. Avatar Alex says:

    Loved it! As a younger attorney looking to grow his firm, it gave me some ideas on how to look for and approach the kinds of firms I’d want to buy. I may send a CD with the podcast burned on it to a couple of the old guard in town. I think it will be a shock to them that their business is worth half their gross revenues, or less if they haven’t done much to systematize it.

  3. Avatar gerryoginski says:

    Fantastic interview. Great takeaways here. Love your question Sam about when an attorney should start thinking about creating a system for your practice. Thanks for having Paul Floyd on this podcast.

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