Sell a General-Practice Law Firms business

Owner-operator general-practice law firms businesses trade at 0.8x–1.5x SDE for typical $500K–$3M SDE ranges. At $3M+ EBITDA scale the same operators sell at 4x–7x EBITDA. Multiples in this category are ebitda-based and data-sourced from AICPA Market Pulse 2025 + Vault Consulting Report. Where you land in the range is driven by growth trajectory, revenue mix, customer concentration, and management-team depth beyond the owner.

Active buyer archetypes in professional services include PE-backed professional platform, Regional strategic peer, Successor / partner buy-in. Which of these bids for your business depends on scale — sub-$1M SDE is typically individual or search-fund territory, $1-3M SDE opens up PE platforms and strategics, and $3M+ EBITDA gets full LMM buyer attention.

General-practice firms with recurring corporate-counsel retainers and long-tenured partner benches trade at premium to eat-what-you-kill firms — the retainer revenue is what buyers pay for. Beyond the industry-specific factor, the universal drivers in professional services are recurring engagement revenue (retainers, annual audits, ongoing counsel); partner or senior-team retention post-transaction; niche specialization (industry vertical or service specialty).

State bar rules restrict most non-lawyer ownership; law firm M&A frequently structures as merger or ESOP rather than outright acquisition. Buyers scrutinize the deal-structure feasibility carefully. Buyers in this category also standardly scrutinize rainmaker concentration — one partner drives a disproportionate share of revenue and client relationships tied to owner personally. Addressing these in advance in a well-prepared CIM materially reduces retrade risk during diligence.

Typical transaction range for general-practice law firms is $500K–$20M in annual revenue. Below that, buyer pool narrows to individual and small-search-fund. Above that, PE platforms and strategics dominate. NAICS code 541110 — buyers screen by NAICS in most deal sources.

From the day you engage a broker to close, expect 6–12 months for a well-prepared business in professional services. The prep work — financial cleanup, addbacks documentation, key-employee retention agreements, real estate lease sorting — is where 3-6 months of the timeline hides. Starting that early is what separates a full-multiple exit from a discounted one.