A business broker has told me that my SME law firm is worth 3 times turnover – is this true?

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In a nutshell, and without spending the usual hours looking at your firm in detail; the answer is no.

Or at least for 99.9999% of law firms with a turnover of less than £10 million the answer is no.

If you think about it, how on earth could this ever happen?

Lets take a typical high street law firm.

Two partners, one office manager, three secretaries, one other fee earner.

Tur...

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