It’s a given that a law firm partner with sufficient portable business can always find another firm to host his or her practice. But what is “sufficient” for whom? And what is the present value of your practice today vis-a-vis before the storm? Are there any players who are willing, ready and able to pay a significant premium for the certain revenue you may bring to them in what promises to be a trying 2009 for purposes of the Am Law revenue charts? Who are these firms and how much may they be willing to pay you for such certainty in precarious times?
For those of you who are not entirely risk averse, these times of turbulence are actually ideal for exploring as good and strong firms understand that market storms make for prime opportunities for lateral acquisitions. It is critical to accept the fact that you are dealing in a very competitive market place,and that no business in their right mind will pay more for you than they think necessary. The ideal outcome from your perspective is to have multiple offers from which to choose after knowing that you have done complete market diligence and explored the market thoroughly.
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