Business valuation firms we recently surveyed say the estate and gifts area was the fastest growing in 2012, according to the results of BVR’s upcoming 2013 BV Firm Economics and Best Practices Guide.

Ranked second and third were the family/matrimonial and damages/lost profits areas, respectively. However, this pecking order may not last through 2013. That’s because many respondents noted that the increase in estate work was due to the uncertainty surrounding estate tax policy in 2012. Most firm leaders BVR has discussed this topic with do not expect a repeat of activity in the estate and gifts area in 2013.

Meanwhile, one of the growth engines for BV firms since the middle of the last decade—fair value for financial reporting—began to sputter. It ranked fourth in 2012 in terms of fast-growth areas, down from its number-one spot in 2010. Fewer BV firms reported more of that kind of work—for purchase price allocation, impairment testing, incentive compensation, or other reasons.

Our thanks to everyone who participated in the survey, which collected data from about 250 complete responses, representing firms with 2,000 business appraisers, on a variety of issues. We will provide further results and analyses here in future issues of BVWire and also the BV Update. The Guide will be available this summer at www.bvresources.com/publications.