Purchasing a Law Firm - What's a Fair Price?
I am in negotiations to purchase a small law firm that practices in a niche field that is also fairly competitive. The situation is fairly unique -- I used to work with an attorney who retired and continued doing the work, while his widow (also an attorney, but she lives in another state) took ownership of the firm. The widow now wants to sell the firm and I am interested in purchasing, but one or two others are sniffing about, as well.
I have yet to be provided financials, but I'd like to structure the deal so that I'm paying based on a percentage of revenue coming through the door, not a large up front payment. Is there any standard way of structuring these deals? I have looked online and the answers were inconsistent. Thanks.