Senior Attorney Match Podcast

The Devastating Impact of a Random Tuesday Event upon Law Firm Value

In Ep. 58 of the State of the Market for Law Firm Sales in 11 Minutes, Senior Attorney Match’s Jeremy E. Poock, Esq. addresses the following 2 Random Tuesday Events:

1. A Key Employee Random Tuesday Event; and

 

2. A Pre-Mature Death or Incapacity Random Tuesday Event

 

A Key Employee Random Tuesday Event occurs when a key employee lawyer(s), typically the lawyer(s) whom a Senior Attorney views as the firm’s internal successor, provides only 2 or 4 weeks about accepting a new job at another law firm.

 

This type of Random Tuesday event causes the following short-term and long-term negative results for a Senior Attorney-led law firm.

 

Short-Term Impact: In the short term, the sudden loss of a key employee attorney impacts law firm revenues because key employee attorneys typically generate considerable billings, either in the form of hourly billings or revenues derived from flat fee or contingency type matters.

 

Immediate losses also stem from the potential loss of clients and referral sources who may choose to continue working with a key employee lawyer at the law firm that a key employee lawyer joins.

 

Long-Term Impact: A Key Employee Random Tuesday Event negatively impacts the following 2 key components of a Senior Attorney-led firm’s long-term value:

 

1. The value of a Senior Attorney-led firm’s Book of Business due to (i) The loss of clients and referral sources who follow a key employee lawyer to a new law firm; and (ii) The potential for not accepting as many new clients if the firm can no longer service the work before replacing a key employee lawyer; and

 

2. Decreased appeal to a Growing Law Firm purchaser due to Growing Law Firms seeking the following when considering growth by acquisition: (i) A Book of Business; and (2) Experienced, key employee lawyers to continue providing sophisticated legal services to a seller’s clients post-sale.

 

Once Senior Attorneys realize that their key employee attorneys prefer a reliable, predictable, and safe job, Senior Attorneys can then pursue a sale with a Growing Law Firm that seeks the following 3 resources to boost growth (1) Clients; (2) An experienced workforce, including key employee attorneys; and (3) Digital content derived from the subject matter knowledge of Senior Attorneys and key employee attorneys alike.

 

A Pre-Mature Death or Incapacity Random Tuesday Event occurs when a Senior Attorney law firm owner prematurely dies or becomes incapacitated prior to selling their law firm or establishing an internal succession plan.

 

Here, we focus on small business law firms, lead by 1 or more Senior Attorney founders and for whom their key employee lawyers do not want to purchase their boss’ law firm and cannot afford to either.

 

In those instances, the primary sale option involves selling or merging with a Growing Law Firm per a Law Firm Sales 1.0 type structure that consists of fee sharing upon a percentage of collections derived from a defined Book of Business during a negotiated period of time.

 

In the event of a Pre-Mature Death or Incapacity Random Tuesday Event, the value of the Senior Attorney-led law firm plummets because of the unavailability of Trust Transfer by the Senior Attorney who maintains the relationships with the firm’s clients.

 

Instead, a Pre-Mature Death or Incapacity Random Tuesday Event typically results in the firm’s clients retaining successor counsel, or receiving referrals to successor counsel at 1 or more law firms without any fee sharing terms.

 

Even if a personal representative or power of attorney can sell a law firm following a Pre-Mature Death or Incapacity Random Tuesday Event, the consideration typically involves minimal realization of the firm’s true value due to the inability for its Senior Attorney owner to transfer the trust of clients to lawyers at a purchasing law firm.

Q.2 from Ep. 22 of the Ask the Law Firm Seller Show: Why do Key Employee Lawyers at Senior Attorney-led Firms not want to purchase their boss’ law firm?

During Ep. 22 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:

Why do Key Employee Lawyers at Senior Attorney-led Firms not want to purchase their boss’ law firm?

 

In response, Poock first explains the following 4 reasons why key employee lawyers do not want to purchase their boss’ law firm:

 

1. Owners of Senior Attorney-led firms hired their key employee lawyers “X” number of years ago, and those same key employee lawyers continue to only want a job, as compared to aspiring to becoming the owner of their boss’ law firm.

 

2. Key employee lawyers went to law school and not business school, i.e., the vast majority of key employee lawyers do not consider themselves as professional lawyers, as compared to entrepreneurs who seek to own and grow a small business law firm.

 

3. Key employee lawyers cannot afford to purchase their boss’ law firm because of too many other monthly expenses, including home mortgages, ongoing student debt, saving for their retirement, saving to help their children with college tuition, saving to purchase a second home, etc.

 

4. An assumption (hope) by key employee lawyers that their Senior Attorney bosses will never retire.

 

Poock also explains the following more fundamental reason why key employee lawyers do not want to purchase their boss’ law firm:

 

Key employee lawyers want and need to maintain a “Reliable, Predictable, and Safe” (RPS) job.

 

As Poock points out, key employee lawyers often maintain a RPS meter, which they seek to remain green, i.e., safe.

 

So, when Senior Attorney bosses approach their key employee lawyers to discuss purchasing their law practices, the RPS meter of those key employee lawyers often immediately shifts from green (safe) to red, i.e., no longer reliable, predictable, and safe.

 

In fact, as Poock, explains, rather than having an intended effect of key employees expressing an interest purchase their boss’ law firm, the effect of the RPS meter shifting from green to red can lead to a “Random Tuesday Event,” namely, the applicable key employee lawyer(s) notifying their Senior Attorney boss about accepting another job, together with providing only 2 or 4 weeks notice.

 

Rather than risk the loss of key employees to a Random Tuesday event, Poock advises that Senior Attorneys recognize that their key employee lawyers likely want to maintain a Reliable, Predictable, and Safe Job.

And, rather than pursue an internal succession plan that could result in a Random Tuesday Event, Poock explains that Senior Attorney sellers of law firms should instead pursue selling to, or merging with a Growing Law Firm that wants and needs the key employee lawyers of Senior Attorney-led firms.

 

“[R]ather than try to force the square peg into that round hole of having [a] key employee lawyer try to purchase your practice, we really urge that Senior Attorneys recognize that what your key employees want instead is a reliable, predictable, and safe job, which is what growing law firms present when they purchase Senior Attorney-led firms,” Poock states.

Q.1 from Ep. 22 of the Ask the Law Firm Seller Show: If I merge my law firm with a Growing Law Firm, won’t I suddenly have a new boss?

During Ep. 22 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:

If I merge my law firm with a Growing Law Firm, won’t I suddenly have a new boss?

In response, Poock begins by explaining that when Senior Attorneys contact Senior Attorney Match, they often share the following commonalities: (a) An interest to stop managing their small business law firms; and (b) Their hope that their key employee lawyers will recognize the opportunity to purchase the practice that their Senior Attorney boss has developed.

 

Regarding key employee lawyers becoming internal successors, Poock states, “When we meet with Senior Attorneys, we find out often that their key employee lawyers are just that, their key employees. You hired them to do a job. They really only want a job, and they don't want to purchase you a law firm.”

 

That then leads to the following question to address a Senior Attorney seller’s interest to stop managing their practice and monetize the practice that they worked an entire career to develop:

 

What is the next best option for selling a Senior Attorney-led firm if a key employee lawyer(s) does not want to purchase the practice?

 

That option involves selling to, or merging with, a Growing Law Firm that recognizes the value of growth by acquisition and will often need Senior Attorneys to continue practicing for an agreed-upon time period to transition clients and referral sources to the acquiring law firm.

 

Upon learning about this option, Senior Attorney owners typically raise the following issue/concern:

 

By selling to or merging with a Growing Law Firm, won't I suddenly have a new boss?

 

In response, Poock shares that Senior Attorneys do not have a boss when they join Growing Law Firms as part of a law firm sale or merger for the following reason:

 

Senior Attorney sellers present instant client growth to the Growing Law Firms that they join.

 

As Poock states, “[R]ather than having a new boss at the firms that our clients join, our Senior Attorney clients join firms with [a] name tag . . . that says: ‘Hello, I bring instant client growth to your firm.’”

 

In addition to not having a boss, Poock explains the following additional benefits that selling to, or merging with, a Growing Law Firm presents to Senior Attorney sellers of law firms:

 

1. No longer needing to manage “the office,” including no longer making payroll every two weeks, paying rent every month, handle hiring/firing, etc.

 

2. Experience the freedom of spending more time outside of “the office,” including finally having time to take a multi-week vacation.

 

3. Benefiting from the proverbial “deep bench” of attorneys and support staff that Growing Law Firms present, including typically maintaining the lawyer and non-lawyer staff of a Senior Attorney-led firm.

 

4. Establishing a legacy for the Senior Attorney owner(s), which consists of the following 4 components (i) Ensuring ongoing, competent representation of the Senior Attorney’s clients; (ii) Securing ongoing employment for the lawyers and support staff of a Senior Attorney-led firm who often join the acquiring firm; (iii) Sharing the subject matter knowledge that Senior Attorneys have developed over the course of their careers with younger attorneys at the firms that they join; and (iv) Participating in converting a Senior Attorney’s subject matter knowledge into digital content for publication on a Growing Law Firm’s website and in its Multi-Channel Digital Marketing efforts (egs. podcasts, YouTube videos, posts to social media, and more).

Q.3 from Ep. 22 of the Ask the Law Firm Seller Show: What Value Do Senior Attorney-led Personal Injury Law Firms Offer to Growing Personal Injury Law Firms?

During Ep. 22 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:

What value do Senior Attorney-led Personal Injury Law Firms offer to Growing Personal Injury Law Firms?

In response, Poock explains the following dual value that Senior Attorney-led Personal Injury Law Firms offer to Growing Personal Injury Law Firms:

 

1. Value No. 1 – Originate New Clients: In contrast to the rising costs for today’s Growing PI firms to generate new clients (egs. Google, optimized websites, vanity phone numbers, social media, ads on TV, radio, and via billboards, and lead generation cos.), Senior Attorney-led PI firms present the following lower costs for originating new clients: (a) Established Books of Business filled with clients and referral sources; (b) Rainmaker attorneys well known in their communities who continue generating new matters via their word-of-mouth reputations among individuals and professionals; (c) Legacy phone numbers; (d) Mature websites; and (e) Untapped digital value in terms of (1) Access to 100s (even 1000s) of 5-Star Google Reviews; and (2) Opportunities to convert decades worth of subject matter knowledge to digital content to post via Multi-Channel Digital Marketing to attract the attention of potential clients.

 

As Poock states, “[I]t's very expensive for growing PI firms today to acquire new clients because the only way to acquire those new clients is by investing in Google, optimizing your website, vanity, phone numbers, social media, TV, radio, billboards and lead gen companies.

 

A far less expensive way to be generating new clients today is by purchasing, acquiring, merging with Senior Attorney-led firms that offer legacy value in terms of Books of Business, rainmaking skills, legacy phone numbers, websites that are mature, and untapped, digital value in the form of Google reviews, and converting subject matter knowledge into digital content.”

 

2. Value No. 2 – Maximize Case Value: Once Growing Personal Injury Law Firms originate new clients, the following question arises: How do we maximize case value?

 

“[A]nd, that's where Senior Attorneys at Senior Attorney-led [PI] firms offer tremendous value to those growing PI firms,” Poock states.

 

Examples of how Senior Attorney PI attorneys maximize case value include: (a) Assisting with signing-up high value cases based upon experience, coupled with the ability to assure clients that they are in “good hands” with a law firm that has been there/done that, including experience with achieving high value results in matters just like theirs; (b) Decades of experience of knowing how to “build the case;” (c) The value of including a Senior Attorney PI’s signature to a demand letter or complaint, where insurance companies and defense counsel immediately know the trial and settlement history of the attorney representing the Plaintiff’s interest; (d) A career’s worth of experience with Discovery and conducting depositions; and (e) Trial ready, including often maintaining reputations among defense counsel, mediators, and judges.

 

As Poock summarizes, for those Growing PI law firms who continue spending vast sums to generate new clients, Senior Attorney-led firms present tremendous opportunities to maximize case values because of their experience, know-how, and reputations.

How Digital Disruption has Resulted in the Age of the Vanishing Rainmaker

In Ep. 57, Senior Attorney Match’s Jeremy E. Poock, Esq. explains how digital marketing disruption has resulted in the Age of the Vanishing Rainmaker.

As Poock points out, “[D]igital marketing disruption is here. That is, clients today are searching for lawyers online. They are by-passing yester-year's Rainmaker Attorneys . . . Today's and tomorrow's clients will go straight to Uncle Google and other social media, multi-channel digital platforms to be searching for lawyers and law firms . . . It is disrupting client origination. And, we are absolutely seeing that Senior Attorneys that remain in that pre-Google age . . . are just generating less new clients during this Digital Marketing disruption era that we are in here in the mid-2020s.”

 

As Poock also states, “[W]e say that Uncle Google is America's greatest referral source for lawyers and law firms. Uncle Google is also America's greatest rainmaker for lawyers and law firms. And, if clients are literally by-passing yester-year’s Rainmaker, then, what we're seeing before our eyes is that Vanishing Rainmaker from the Word of Mouth pre-Google era because if you're not going to be found, you're not going to be hired.”

 

Poock then shares the following 2 choices for Senior Attorneys in the Mid-2020s with respect to today’s 3.0 Digital Era for the legal industry:

 

1. Adopt Multi-Channel Digital Marketing to attract the attention of potential clients and continue replenishing their firm’s Book of Business; or

 

2. Consider selling or merging with a Growing Law Firm that wants the following 3 resources that Senior Attorney-led firms offer: (a) Instant client growth via Books of Business developed during the pre-Google Word-of-Mouth Era; (b) Talented lawyer and non-lawyer staff whom Growing Law Firms need to produce sophisticated legal work; and (c) Untapped treasure chests of digital content by converting the subject matter knowledge of Senior Attorneys and additional attorneys at Senior Attorney-led firms into digital content to publish via Multi-Channel Digital Marketing to attract the attention of new clients.

 

Even though the Age of the Vanishing Rainmaker will result in Senior Attorney-led firms having less value due to not replenishing their Books of Business, Poock shares the following:

 

“[A]t this point in the mid-2020s, we highly recommend to Senior Attorney-led firms that this is the best time for you to consider selling or merging your practice because it has the most value and presents the best value to Growing Law Firms that want and need what you have.”

Poock’s Post from Ep. 21 of the Ask the Law Firm Seller Show: Digital disruption will continue eroding the Books of Business of Senior Attorney-led law firms in the Mid-2020s

During the Poock’s Post segment of Ep. 21 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:

Digital disruption will continue eroding the Books of Business of Senior Attorney-led law firms in the Mid-2020s

 

As Poock explains, 2020 introduced the “digital pivot” to the legal industry, where consumers, i.e., would be clients pivoted in 2020 to searching for lawyers and law firms online, primarily by searching Google.

 

By the Mid-2020s, Growing Law Firms have adjusted and adopted Multi-Channel Digital Marketing to attract the attention of clients who seek to know, like, and trust lawyers and law firms before contacting them.

 

As Poock points out, Uncle Google has become America’s greatest referral source for lawyers and law firms, replacing the pre-Google Word-of-Mouth Era and by-passing yester-year’s Rainmakers.

 

Regarding the impact of digital marketing disruption upon the value of the Books of Business of Senior Attorney-led firms, Poock states, “If you are not generating clients digitally via Multi-Channel Digital Marketing, what we are seeing is that [the] Books of Business of Senior Attorney-led law firms [are] not replenishing as much as it did in yesteryear. So really senior attorneys in particular.”

 

Poock also addresses the following to Senior Attorney law firm owners:

 

“We really want to get the message across that you are on notice that if you are not replenishing your Book of Business as much as you did in yester-year, your law firm is just going to be worth less and less as this decade continues.”

 

In addition, Poock shares the following good news with Senior Attorneys in the mid-2020s:

 

Even if today’s Senior Attorneys do not replenish their Books of Business similar to yester-year due to not adopting Multi-Channel Digital Marketing, they continue to offer the following value to Growing Law Firm buyers:

 

(1) A Book of Business filled with clients that Senior Attorneys worked during an entire career to develop.

 

(2) An experienced workforce, including senior associates and junior partners who prefer to continue as key employee lawyers rather than purchase their boss’ law practice, as well as well trained and experienced paralegals and legal assistants; and

 

(3) The ability to convert decades worth of subject matter knowledge into digital content to post to Multi-Channel Digital Marketing platforms, which today’s Growing Law Firms need to attract the attention of today’s and tomorrow’s would-be clients who search Google and social media when researching lawyers and law firms to retain for the legal needs.

 

As Poock states, “[N]ow, in the mid-2020s, is the best time for Senior Attorney-led firms that are not committed to Multi-Channel Digital Marketing to consider selling your law firms . . . [w]hile you still have these three resources that Growing Law Firms want and need . . . .”

Q.1 from Ep. 21 of the Ask the Law Firm Seller Show: What do Sellers share with Senior Attorney Match months or years after selling their law firms?

During Ep. 21 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:

 

“What do Sellers share with Senior Attorney Match months or years after selling their law firms?”

 

In response, Poock first explains that when Senior Attorneys sell their law firms to Growing Law Firms, they often continue practicing for a number of months, and sometimes even years.

 

In addition to the financial benefits that Senior Attorneys experience by selling their law firms, Poock shares the following benefits that Senior Attorney Match clients enjoy when they continue practicing at the Growing Law Firms that they join prior to partially and then fully retiring:

 

(1) The freedom of no longer managing “the office,” including not having to make payroll every two weeks and not needing to pay a rent check every month, and instead.

 

(2) Benefiting by having access to a “deeper bench” of attorneys who can capably represent their clients.

 

(3) The ability and flexibility to spend more time outside of the office, including taking multi-week and sometimes, multi-month vacations.

 

While practicing at the Growing Law Firms that they join, Senior Attorneys also benefit greatly by utilizing the following MVP-level skills and achievements that they have developed during the course of their careers:

 

(1) Subject Matter Knowledge;

 

(2) Good Will among their community and sometimes regionally, nationally, and even, internationally; and

 

(3) Client development skills.

 

And, as a bonus MVP-level opportunity, digital savvy Growing Law Firms present opportunities for Senior Attorneys to convert their Subject Matter knowledge in multiple practice areas to Digital Content, including Digital Content for (a) E-newsletters; (b) Podcasts; (c) YouTube videos; and (d) Posts to LinkedIn, Facebook, Instagram, X, and more.

Why the Mid-2020s Present the Right Time for Senior Attorneys to Sell Their Law Firms

In Ep. 56, Senior Attorney Match’s Jeremy E. Poock, Esq. explains why the mid-2020s present the right time for Senior Attorneys to sell their law firms.

 

As Poock states, “[F]or Senior Attorneys that are considering selling their law firms, we need to recognize that post-2020 clients are searching online for lawyers to hire. As a result, if you're not investing in Multi-Channel Digital Marketing with a significant investment in Google for clients to find you when they're searching Google . . . you're just not going to generate as many clients as you did in yester-year. . . And, as your Book of Business does not replenish as much as yester-year, your Book of Business is going to become less valuable to a Growing Law Firm if you're not presenting as many clients as you could when your Book of Business is as filled with clients and referral sources as it is now in the mid-2020s, as compared to later in this decade and into the 2030s.”

 

Poock also distinguishes between today’s digital marketing disruption to business development in the legal industry to the following 3 digital disruptions outside of law: (1) Uber to taxis; (2) Netflix to Blockbuster; and (3) Amazon to Sears.

 

Unlike Uber that did not need taxi cars or taxi medallions, Netflix that made VHS cassettes and DVDs obsolete, and Amazon, which proved that consumers can conveniently shop for everything and anything online rather than visiting a big box store, today’s Growing Law Firms still need the following from Senior Attorney-led firms:

 

(a) Their well-established Books of Business because Growing Law Firms always need new clients;

 

(b) Their experienced workforce (lawyers, paralegals, and legal assistants) to do the sophisticated work that law firms produce on behalf of their clients; and

 

(c) The treasure chests of digital content that attorneys at Senior Attorney-led firms offer by converting their decades of subject matter knowledge into posts for Multi-Channel Digital Marketing to attract the online attention of today’s would-be clients who search Google and social media for lawyers and law firms to retain, as compared to the pre-Google Word of Mouth Era.

 

Poock also explains that today’s 3.0 Digital Era for the legal industry coincides with the Age of the Vanishing Rainmaker.

 

“We want to make it very clear to Senior Attorneys, in particular, who may not be adopting Multi-Channel Digital Marketing, that you are on notice that the Age of the Vanishing Rainmaker has begun, and that the writing is on the wall that you are not going to develop as many new clients as you did in yester-year.”

Q.2 from Ep. 20 of the Ask the Law Firm Seller Show: What are the Top 3 Reasons Why Senior Attorneys Question Selling to a Growing Law Firm?

During Ep. 20 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:

“What are the top 3 reasons why Senior Attorneys question selling to a Growing Law Firm?”

Reason #1: Maybe now is not the right time for change

As Poock explains, the mid-2020s presents the best time for Senior Attorneys to consider change by selling their law practices because of Google’s ongoing disruption to business development in the legal industry.

As Poock states, “[F]or those lawyers and law firms that continue to rely on word of mouth, our concern concern for those firms is [that] you're going to generate less clients [and] have a less valuable book of business over time.”

If Senior Attorneys, in particular, do not invest in Google and Multi-Channel Digital Marketing, their law firm’s most valuable asset, namely, their Book of Business will not replenish similar to the pre-Google Word of Mouth era, which will result in realizing less value for Senior Attorney-led firms.

As Poock states, now “is the right time to consider selling your law firm by joining a Growing Law Firm that wants and needs what you have, which is your Book of Business.  And, you want to sell that Book of Business . . . when your Book of Business is as filled as possible with clients and referral sources.”

Reason #2: Concern about having a Boss by joining a Growing Law Firm

When considering selling their law firm by joining a Growing Law Firm, Senior Attorneys often raise the following concern: “[I]f I join a growing law firm and practice there for X number of years, then I'm just going to have a boss again. And, at this point in my career, when I'm in my late 50s, 60s, or into my 70s, I don't want to have a boss.

As Poock states, “I can reassure you, in our experience . . . when our clients sell their firms to Growing Law Firms . . . [t]hey do not have a boss.”

Poock explains the following reason why: Unlike the 20-something version of themselves whose former bosses assigned work to them, today’s Senior Attorney sellers make their own schedules and do not have bosses because Senior Attorney sellers deliver a Book of Business to Growing Law Firms.  As a result, Senior Attorney sellers, who join Growing Law Firms as Of Counsel attorneys, non-equity partners, and sometimes, partners, travel often, delegate, and choose clients with whom they want to work.

“Simply stated, when you join a Growing Law Firm as part of selling your practice, you do not have a boss,” Poock states.

Reason #3: Maybe, this year, the Firm’s would-be an Internal Successor(s) will offer to purchase the Firm from its Senior Attorney Owner(s)

As Poock explains, most would-be Internal Successors are really key employee lawyers who do not want to purchase their boss’ law firm and cannot afford to either.

As Poock shares, “[W]hat we see often in the marketplace is those same key employees who you hired . . . [t]hey still want only a reliable, predictable, and safe job. . . They're not going to walk down the hallway and offer to purchase your practice.”

Instead, as Poock explains, they enhance the value of a Senior Attorney-led firm because Growing Law Firms want and need a Senior Attorney’s Book of Business, plus the firm’s talented, experienced workforce.

Q.1 from Ep. 20 of the Ask the Law Firm Seller Show: I am considering retiring within the next 12 months by closing my office. Could I sell my law practice instead?

During Ep. 20 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:

“I am considering retiring within the next 12 months by closing my office. Could I sell my law practice instead?”

When considering selling a law firm, as compared to retiring, Poock points out that Growing Law Firms, in particular, want and need the following 3 resources that Senior Attorney-led firms offer:

(a) Clients & referral sources (a Book of Business);

(b) An experienced workforce, often including attorneys, plus paralegals and legal assistants; and

(c) Digital content, which involves converting the Subject Matter Knowledge that Senior Attorneys and additional lawyers at their law firms have developed in multiple practice areas into digital content for posting via Multi-Channel Digital Marketing (egs. posts to LinkedIn, Facebook, Instagram, X, and more, plus content for e-newsletters).

Poock also explains the following consideration that Growing Law Firms pay to Senior Attorney sellers in Law Firm Sales 1.0:

Earnout payments, consisting of a percentage of revenues derived from a Senior Attorney-led firm’s defined Book of Business, payable over a negotiated number of years.

And, based upon the dependency of revenues from the Book of Business of a Senior Attorney-led firm, Poock explains Trust Transfer as the “flux capacitor” of Law Firm Sales 1.0, where Senior Attorneys transfer the trust of their clients to lawyers at a purchasing law firm per the following 3 ways:

(a) In-person;

(b) Via Zoom, or another video platform; and

(c) Social Media

As Poock states, “Trust transfer absolutely works.”