How to build a law firm worth buying

In episode 32 of Osprey Approach’s Empowering Law Firm Leaders podcast, Abby speaks with Amy Bruce, Osprey’s marketing director, about the behaviours, habits, and operational models that set high‑performing, scalable firms apart and how leaders can build momentum through focused action rather than overwhelming activity.

In this conversation, Abby Winkworth, founder and CEO of Ambire Advisory, shares practical, candid insight into what drives value inside modern legal practices and what it takes to  build a firm worth buying.

In this conversation we cover:

• Why growth is not the same as value – and why the market is shifting
• How private equity views the legal sector today
• What makes a law firm worth buying
• The operational discipline needed to prevent value leakage
• How cross‑selling strengthens client relationships and investment appeal
• The traits and habits of firms that thrive in the next era of legal services

Understanding the foundations of value

Value is a term often used loosely in the legal sector, but Abby begins by making a critical distinction: “Value isn’t price. Value is what somebody is willing to pay. It’s not the price that you set.” This framing underscores that value is externally determined, not internally declared.

Abby highlights three crucial insights:

1. You cannot create value by doing everything at once
She warns that too many firms overwhelm themselves: “Clear and focused programmes with starts and finishes work really well. Sprints, as they now call them.” Intentional focus beats scattered activity.

2. The value you present is as important as the value you deliver
External stakeholders need clarity and simplicity. As Abby explains:
“Your value to an external eye is as much about the quality of the information, the coherence of the narrative, as it is about the work that’s being done.”

3. Value must be measurable
Measurement can feel uncomfortable, but it is essential:
“Without it, value creation projects just really stutter.”

Why the market is changing and what investors now expect

Private equity involvement in the legal sector is shifting from novel to normal. Abby observes that the market is “active… expanding… and much more mainstream than it has been.” With reports indicating growing PE involvement, she notes this is creating a more informed and selective investment environment.

Investors today are looking for:

• Predictability
• Scalability
• Integrated infrastructure
• Margin improvement
• Clear cross‑sell opportunities

As Abby puts it, “They’re definitely not going to buy just any law firm… they know what they’re looking for.”

The preferred model, she explains, typically includes standardised processes, centralised business support, automation opportunities, and a platform capable of bolt‑on acquisitions. Importantly, she stresses: “It’s a maturing market… a more stable market… and an inevitable and good movement towards external investment.”

Focused effort, not frantic activity

Abby is blunt: “Activity isn’t the same as success. Doing lots and lots of things isn’t going to help you at all.” The most valuable firms commit relentlessly to the few things that matter.

A shift from partnership mindset to business mindset

Modern firms must evolve: “You are creating a business out of something that has often been a legacy… now it needs to operate in a way people find predictable.”

Understanding and preventing value leakage in a law firm

Value leakage is one of the most common – and costly – issues holding firms back. Abby explains that it often arises not from major failures, but from “unconscious decisions” and workarounds that have become embedded over time. As she puts it, processes accumulate in a way that becomes “like looking at a plate of spaghetti”, where small fixes have gradually created unnecessary complexity.

This complexity matters because it slows work down, increases risk, and makes operations dependent on individuals. Abby highlights the problem clearly: “Before you know it, Ben’s been there 15 years, and this is the way we do it… and if Ben goes on holiday, you can’t pay anybody anymore.”

Preventing leakage starts with visibility. Abby’s approach centres on mapping processes end‑to‑end so firms can see how they really work: “Pull out that first piece of spaghetti and lay it down… now you have a conscious decision you can do something with.”

Once the strands are visible, teams can redesign processes intentionally, agree” the way we are ALWAYS going to do it”, and set clear measures of success. Abby emphasises that measurement is what keeps improvements on track: “If it’s not successful, we’ll keep changing it until it is. But at least now you can see it.”

Critically, this work should be collaborative. When lawyers and business teams map and rebuild processes together, Abby notes that solutions “last, because everybody has had a part in shaping them.” Value leakage isn’t inevitable – but firms must be willing to slow down, diagnose, and redesign before they scale.

The role of cross‑selling in building value

Cross‑selling is a major value driver and investors look for it. Abby explains that firms with only a few “rainmakers” create structural instability. “A PE house does not want to know that you’ve got three rainmakers… they want to see multiple relationships.”

She identifies three pillars of cross-selling in a law firm:

1. Trust

For cross‑selling to work, originating partners must never feel undermined. Abby stresses that respect for ownership is non‑negotiable: “This is still her relationship… and she is given absolute regard for the fact she brought it in.” This reassurance is what encourages partners to open doors to colleagues rather than guard relationships protectively.

2. Behaviour

Culture changes through behaviour, not declarations. Abby explains that modelling the right habits at senior levels is the catalyst for firm‑wide change: “I hear a lot about culture and not enough about behaviours – but it’s behaviour that changes culture.”

She highlights an example of a partner who shares relationships “so selflessly that it is having a galvanising effect on everybody around him”. These behaviours create a multiplier effect across teams.

3. Knowledge

Perhaps the most practical barrier to cross‑selling is simply a lack of awareness.
As Abby puts it: “Often the thing that holds you back is that people just don’t know what their partners do in the firm.”

When a client casually mentions a need, and a lawyer feels unsure, they close the conversation rather than open it: “If you don’t know anything about it, you’re going to close the conversation down.” Building internal knowledge – through training, collaboration, and visibility – removes this barrier.

How firms can strengthen their investment case

Strengthening an investment case starts with clarity, discipline, and an honest assessment of where the firm stands today. As Abby puts it: “Identify what is most appealing to investors and work out where you are compared to the rest of the market.”

1. Focus on what investors actually value

Investors look for predictable revenue, operational stability, and scalable structures. Abby warns that firms often “overvalue themselves” because basic hygiene factors – such as risk management, WIP control, or financial reporting – haven’t been tightened.

2. Re‑establish a clear, confident vision

Abby emphasises the importance of direction: “If it’s not working, revisit and rework your vision and make it much clearer.” A unified vision signals alignment and leadership strength.

3. Strengthen operational discipline – without overcomplicating

Processes don’t need to be heavy-handed. Abby advises: “Not bureaucracy… put the minimum amount in place so it works.” Investors value lean, effective governance, not layers of unnecessary structure.

4. Fix the fundamentals first

Quality, risk, cost control, and asset management form the backbone of valuation. As Abby notes: “It’s the hygiene essentials that let firms down.” Getting these right boosts both confidence and credibility.

5. Seek external perspective early

Abby recommends bringing in external advisers to challenge assumptions and refine the firm’s narrative: “Get some external eyes onto your business… someone who will help you create the Once Upon a Time story.”

6. Build a narrative backed by evidence

Firms must be able to show – not just claim – their strengths. “If you think you’re good at something, go and get the evidence.”

One piece of advice for law firm leaders

Abby’s final advice is clear and powerful: “Identify your hygiene and health areas… and work on them relentlessly.”

She emphasises the importance of visibility: “If everybody knows the direction they’re paddling in and why, they’re much more likely to paddle faster.”

Evidence, measurement, and communication are as important internally as they are externally.

Building a firm worth buying

The legal sector’s future belongs to firms that design themselves intentionally. Value is not created through activity alone, but through discipline, clarity, culture, and measurable progress.

Abby’s insights remind leaders that:

• You don’t need to excel at everything
• You do need evidence of the things you excel at
• Operational discipline creates value
• Cross‑selling creates stability
• Vision creates alignment
• Measurement creates credibility

By strengthening these foundations, law firms not only prepare themselves for external investment – but they also build businesses that are sustainable, scalable, and genuinely worth buying.

Watch the full interview with Abby Winkworth now to discover more advice and guidance on building a law firm worth buying. You’ll also hear Abby’s exclusive advice on building the right culture and vision.