In this episode, Jeremy E. Poock, Esq. and Jared D. Correia, Esq., Founder and CEO of Red Cave Law Firm Consulting (www.redcavelegal.com), discuss the importance and opportunities attributable to a Senior Attorney’s client list and referral source list. As Poock explains, valuing a law practice consists of 4 elements (a) Client list; (b) Referral Source list; (c) Good Will; and (d) Subject matter knowledge. Correia, who has consulted with 4,000+ law firms to become more effective businesses, points out that client lists present tangible, business generation opportunities to Growing Law Firms. Correia also explains best practices for managing client and referral source lists, including (1) Housing the client and referral source lists within marketing automation services (egs. CRM software, Mailchimp, etc.); (2) Establishing marketing and re-marketing protocols; and (3) Tracking responsiveness to marketing campaigns.
In this episode, Jeremy E. Poock, Esq. and Scott Loring address the top 5 reasons why a commercial lease should not delay succession planning for Senior Attorneys: (1) Avoid the “Sunk Cost Fallacy,” which Loring defines for listeners as when we continue an action because of our past decisions, rather than a rational choice of what will maximize our utility at this present time; (2) Recognize that a “Random Tuesday Event” could occur before the end of the lease term; (3) A successor may have interest to assume the lease; (4) Options for mitigation; and (5) The risks that maintaining the Status Quo presents to the value of a Senior Attorney’s practice. Poock also points out that Growing Law Firms view a Senior Attorney’s commercial lease as a cost of doing business. In the context of the influx of clients and referral sources that a Senior Attorney’s practice presents, Growing Law Firms often say, “Please, put that on the table for us to discuss and negotiate.”
Episode 23: 2 of 2: For Sale by Owner (FSBO) - Perspectives from Two National Leaders in Business Brokerage
In Part Two of the FSBO episode, business brokers, Gary Rayberg, President of ROI Corporation (www.roibusinessbrokers.com) and Cress V. Diglio, Managing Partner of Calder Associates (www.calderassociates.com), address FSBO’s in the context of: (i) A friendly competitor; and (2) An internal sale. When considering a friendly competitor, Diglio and Rayberg explain how a business broker can expedite the sale process, as well as identify when a friendly competitor lacks a genuine interest to purchase the Seller’s business, or worse, may seek a Seller’s competitive information. Poock adds that introducing additional buyers for a Seller to consider beyond a familiar, friendly competitor also provides value to Sellers. For internal sales, Poock explains the value of structuring, valuing, and serving as an emotional buffer that intermediaries provide. As Diglio points out, business brokers who structure internal sales deliver a “feel good story all the way around” by achieving the sale of a Seller’s business to a key employee or family member who can continue running the company.
Episode 22: 1 of 2: For Sale by Owner (FSBO) - Perspectives from Two National Leaders in Business Brokerage
In this two-part episode, two national leaders in business brokerage, Gary Rayberg, President of ROI Corporation (www.roibusinessbrokers.com) and Cress V. Diglio, Managing Partner of Calder Associates (www.calderassociates.com), discuss For Sale by Owner – FSBO. In Part One, Rayberg and Diglio define FSBO and address the risks that FSBO presents to Sellers. When comparing selling a business via FSBO to working with a business broker, Rayberg identifies the amount of work involved with selling a business, including valuing, marketing, and allocating 150-300+ hours from Listing to Closing. Diglio emphasizes the benefits of an intermediary’s sales process, including the importance of a valuation. As Diglio states, “The valuation sets an expectation.” Rayberg adds, “Having someone that is knowledgeable about valuation and also deal structure can help someone who is selling understand if they are getting a good deal.”
In this episode, Attorney Jeremy E. Poock, Esq. and Scott Loring of Cooperative Coaching & Mediation discuss “Implementation,” the third step in Senior Attorney Match’s 4-step process for designing and implementing succession plans for Senior Attorneys. In Implementation, Senior Attorney Match implements upon the succession planning option determined during the Next Step Process. Typically, that option involves pursuing a growing law firm. Implementation involves 4 phases: (1) Identifying growing law firms for Senior Attorneys to consider; (2) Serving as the intermediary to contact growing law firms that Senior Attorney Match identifies for its clients; (3) Conducting and leading negotiations between a Senior Attorney and a growing law firm; and (4) Overseeing the drafting of an agreement between the parties to document the terms that Senior Attorney Match assists its clients to negotiate. As Poock states, “At the end of day, our goal is to make sure that our clients are getting the right successor for their law practice.”
In this episode, Jeremy E. Poock, Esq., founder of Senior Attorney Match (www.seniorattorneymatch.com), Ari P. Kornhaber, Esq., Co-founder and Executive Vice President of Esquire Bank (www.esquirebank.com), and Peter Webb, a founding member and Senior Vice President of Scorpion (www.scorpion.co) discuss intelligent growth opportunities for Trial Attorney Firms to thrive and not just survive during the Covid-19 era. Webb identifies the 3 major problems that Trial Attorney Firms face today: (i) Generating more/better cases; (ii) Getting in front of the types of cases that Trial Attorneys want; and (iii) Wasting money on case acquisition costs. Webb defines “Intelligent Growth for Trial Attorneys” as the strategic expansion of (i) Cases; (ii) Firm size; (iii) Geography; and (iv) Market share. Kornhaber stresses the need for Trial Attorney Firms to “plan for long game now,” starting by projecting case inventory revenues for the next 12, 24, and 36 months. Kornhaber explains the benefits that case cost financing offers to Trial Attorneys and describes the Case Cost Line of Credit and Working Capital Line of Credit that Esquire Bank offers to Trial Attorney Firms. Webb and Kornhaber discuss the interplay between investing in Internet Marketing Strategies and operational infrastructure for growing Trial Attorney Firms, including how Esquire Bank’s case cost financing can free-up financial resources for Trial Attorneys to: (i) Improve their firm’s brand; (ii) Generate new cases; and (iii) Invest in operational infrastructure to position themselves for growth. Poock shares the “Win-Win” opportunities that Senior Attorney trial lawyers present to growing Trial Attorney Firms, including: (i) Adding new cases; (ii) Adding new referral sources; and (iii) Bringing 30+ years of trial experience that often results in increasing a growing Trial Attorney Firm’s overall case values.
In this episode, Jeremy E. Poock, Esq. and Scott Loring discuss the “Next Step Process,” the second part of Senior Attorney Match’s 4-step approach to design and implement succession plans for Senior Attorneys. During the Next Step Process, Senior Attorney Match (i) Determines the value of a Senior Attorney’s practice; (ii) Simulates the “Internal Plan” vs. “External Plan” options for who can succeed to a Senior Attorney’s practice; and (iii) Designs a “go to market” plan for Senior Attorneys to implement.
Episode 16. Video Version of Trial Attorneys: Open for Business - Internet Marketing Strategies with Scorpion’s Peter Webb & Angela Wearn
In this episode, Jeremy E. Poock, Esq. and Scott Loring explain the 5 Myths vs. Realities about who can succeed to a Senior Attorney’s practice. As Poock and Loring discuss, the 5 Myths are as follows: (1) This year, my internal successor will approach me to offer to purchase my practice; (2) If I ask my internal successor to make me an offer, he will get scared that I may retire soon and then leave with my key clients and referral sources; (3) This year, I will recruit a lawyer from a mid-size or large law firm with 15-20 years of experience and a book of business who will want to take over my practice when I retire; (4) If I consider merging my practice with a Growing Law Firm, my internal successor will leave and take my key clients and referral sources with him. (5) Based upon the long-time loyalty of my lawyer staff, they deserve to take over my practice. Poock points out the 4 values that Senior Attorney lead practices present to the right successor, namely: (1) Clients; (b) Referral Sources; (c) Good Will; and (d) The know-how of a Senior Attorney’s staff, including well-trained, knowledgeable junior attorneys. Poock and Loring discuss the risks that relying upon the 5 Myths for too long presents to the value of a Senior Attorney’s practice. And, Poock explains the 3 Wins that Growing Law Firms present to Senior Attorneys: (i) Entering into a succession plan with the right successor who will welcome the Senior Attorney and often, the Senior Attorney’s lawyer staff; (ii) Securing ongoing, competent representation for the Senior Attorney’s clients; and (iii) Transitioning a Senior Attorney’s practice to a successor that wants the practice and has both the capability and motivation to continue growing it beyond the generation’s worth of good will that the Senior Attorney developed.