Law Firms
This industry comprises offices of legal practitioners known as lawyers or attorneys (i.e., counselors-at-law) primarily engaged in the practice of law. Establishments in this industry may provide expertise in a range or in specific areas of law, such as criminal law, corporate law, family and estate law, patent law, real estate law, or tax law.
Mikalacki v. Rubezic
In this Arizona marital dissolution case, the Court of Appeals affirmed the trial court’s acceptance of a calculation of value to determine the value of a couple’s law practice, awarded to the husband as part of the equitable distribution. Other matters not related to valuation issues were part of the appellate decision.
Arizona Appeals Court Affirms Trial Court’s Acceptance of a Calculation of Value
In this Arizona marital dissolution case, the Court of Appeals affirmed the trial court’s acceptance of a calculation of value to determine the value of a couple’s law practice, awarded to the husband as part of the equitable distribution. Other matters not related to valuation issues were part of the appellate decision.
Furrer v. Siegel & Rouhana, LLC
A name attorney in a Maryland law firm withdrew after having his license suspended. He sued the firm for compensation for his 26.5% interest in the firm. The firm countersued for damages related to his mistreatment of client accounts. The trial court determined a value of his interest and also determined damages that the attorney owed the firm for his mistreatment of client accounts. The appellate court affirmed the damages but remanded the valuation of the 26.5% interest.
Maryland Appellate Court Remands for Valuation of Withdrawing Member’s Interest in Law Firm and Affirms Damages Award
A name attorney in a Maryland law firm withdrew after having his license suspended. He sued the firm for compensation for his 26.5% interest in the firm. The firm countersued for damages related to his mistreatment of client accounts. The trial court determined a value of his interest and also determined damages that the attorney owed the firm for his mistreatment of client accounts. The appellate court affirmed the damages but remanded the valuation of the 26.5% interest.
Burchfield v. Burchfield
In valuing husband’s law firm partnership interest, court finds undistributed earnings, even though allocated to husband before separation, are not marital property because money was based on firm’s anticipated net profits; money was not earned during marriage but after parties’ separation.
Court Explains Treatment of Undistributed Earnings in Valuing Law Firm Partnership Interest
In valuing husband’s law firm partnership interest, court finds undistributed earnings, even though allocated to husband before separation, are not marital property because money was based on firm’s anticipated net profits; money was not earned during marriage but after parties’ separation.
Expert’s Detailed Risk Analysis Bolsters Use of Deep Discount in Law Firm Valuation
In buyout dispute over law firm interest, court credits firm’s expert, noting his extensive relevant experience, his taking care to value interest under fair market value standard, as required by the partnership agreement, and his detailed risk analysis to support a deep discount.
Fredericks Peebles & Morgan LLP v. Assam
In buyout dispute over law firm interest, court credits firm’s expert, noting his extensive relevant experience, his taking care to value interest under fair market value standard, as required by the partnership agreement, and his detailed risk analysis to support a deep discount.
Finch v. Campbell
In partnership dispute, appeals court affirms trial court’s “equitable discretion” not to allow plaintiff to offer valuation of his law firm interest that contradicts valuation plaintiff offered for same asset in his divorce trial, benefitting each time.
Court Finds Plaintiff’s Contradictory Valuation of Law Firm Interest ‘Inequitable’
In partnership dispute, appeals court affirms trial court’s “equitable discretion” not to allow plaintiff to offer valuation of his law firm interest that contradicts valuation plaintiff offered for same asset in his divorce trial, benefitting each time.
New Jersey Court’s Inadequate Goodwill Ruling Begets Rebuke and Remand
In a case about lawyer’s equity partner interest in a large firm, appellate court finds prior ruling was grossly deficient; expert testimony suggested the owner spouse’s compensation matched his earning capacity and there was no additional goodwill compon ...
Slutsky v. Slutsky
In a case about lawyer’s equity partner interest in a large firm, appellate court finds prior ruling was grossly deficient; expert testimony suggested the owner spouse’s compensation matched his earning capacity and there was no additional goodwill compon ...
New Jersey Court’s Inadequate Goodwill Ruling Begets Rebuke and Remand
In a case about lawyer’s equity partner interest in a large firm, appellate court finds prior ruling was grossly deficient; expert testimony suggested the owner spouse’s compensation matched his earning capacity and there was no additional goodwill compon ...
Excess Earnings Method ‘Better Isolates’ Business Goodwill
Court of Appeals affirms use of excess earnings method to calculate business goodwill in husband’s law firm interest; no controlling authority exists to mandate that trial court limit its use to cases in which pertinent financial data is unavailable, cour ...
Wright v. Wright
Court of Appeals affirms use of excess earnings method to calculate business goodwill in husband’s law firm interest; no controlling authority exists to mandate that trial court limit its use to cases in which pertinent financial data is unavailable, cour ...
Buy-Sell Agreement Does Not Control Law Firm Value
Buy-sell agreement did not limit husband’s interest in national law firm to $140,000 or the “realizable benefits” of the practice; valuation should have included assessment of goodwill, appellate court rules.
Valuing Contingent Liability in Bankruptcy Precludes GAAP Standard
In fraudulent conveyance suit, bankruptcy court admits expert’s testimony on reasonable compensation as it relates to reasonably equivalent value for the debtor law firm’s payment of its partners’ income taxes, but strikes insolvency expert’s opinion for ...
Walsh v. Walsh
Buy-sell agreement did not limit husband’s interest in national law firm to $140,000 or the “realizable benefits” of the practice; valuation should have included assessment of goodwill, appellate court rules.
Bakst v. United States of America (In re: Kane & Kane)
In fraudulent conveyance suit, bankruptcy court admits expert’s testimony on reasonable compensation as it relates to reasonably equivalent value for the debtor law firm’s payment of its partners’ income taxes, but strikes insolvency expert’s opinion for ...
Appraisal Malpractice: It’s About Standards, Not the Ultimate Value
In a malpractice action against a real estate appraiser, district court excludes valuation of leasehold interest by plaintiff’s financial expert for failing to comply with any professional standards, and for unreliability under Daubert.
Buy-Sell Agreements Receive Varying Consideration in Divorce: In re Marriage of Restaino
Court of Appeals reverses the trial court’s finding that pay-outs under a law firm dissolution agreement represented income to the husband rather than his equity share in a community asset, to which the wife could claim a portion.
Buy-Sell Agreements Receive Varying Consideration in Divorce: In re Marriage of Kingery
In valuing the husband’s 25% interest in a law firm, the trial court erroneously accepted a valuation that included a “purchase acquisition cost” or “goodwill cost” derived from a buy-out of a former partner.
Court Finds No Appreciable Value in Husband’s Law Firm
Court finds no appreciable value in husband’s law practice, reversing trial court’s improper characterization of cash account as asset instead of income.
Development Specialists, Inc. v. Weiser Realty Advisors LLC
In a malpractice action against a real estate appraiser, district court excludes valuation of leasehold interest by plaintiff’s financial expert for failing to comply with any professional standards, and for unreliability under Daubert.