On the AR., page-9

I think using NTA (either with or without intangibles) is irrelevant for a consumer law firm.

One could argue virtually all the assets are intangibles (except receivables that have an billed value). Work-in-progress is really an intangible, it cannot be felt or touched it is a theoretical value of work completed similar in many ways to goodwill.

That said, I'm not suggesting there is no value in WIP, on the contrary, WIP has real value and is undervalued on the balance sheet as it is now highly probable of conversion to billed revenue plus it does not included an uplift on completion.

Therefore, while it may make sense to discount goodwill from NTA in a book value calculation, it also makes sense to factor in a higher value for WIP, in my opinion.

It comes down to knowing the business and how it operates rather than take blanket market ratios and principles.