In this video podcast, Senior Attorney Match founder, Jeremy E. Poock, Esq., sits with Scott Loring, long-time business exit strategist, to discuss why Poock considers now as a Seller's market and Buyer's market for Senior Attorney lead law firms. Poock and Loring discuss the impact that status quo has on the value of a lawyer’s practice, the “glean in the eyes” of growing law firms, and the winning combination that growing law firms present to Senior Attorneys.
Episode 6. Interview with Danny Hughes, Partner, Thompson Flanagan, Professional Liability Insurance for Lawyers – Trial Attorneys, Tail Policies & More
Danny Hughes, a partner with Thompson Flanagan, a Chicago based E&O insurance brokerage firm discusses professional liability insurance (malpractice insurance) for lawyers with a focus on Trial Attorneys (http://thompsonflanagan.com/lawyers-liability). As “Specialists for Specialists,” Thompson Flanagan brokers E&O insurance for law firms, private equity firms, venture capitalists, and financial institutions. Together with a team of 20 brokers, Thompson Flanagan brokers professional liability, cyber liability, employment practices, and additional commercial insurance to over 600 law firms nationwide. Since 2008, Hughes has focused on Trial Lawyers, brokering malpractice insurance policies for approximately 260 Trial Attorney firms, including several of the largest Trial Attorney firms in the U.S. Hughes explains why Trial Attorney firms present good risk to underwriters, which permits Thompson Flanagan to seek competitive coverage for their Trial Attorney clients. Hughes and Poock discuss the cost calculations, logistics, and planning opportunities involved with obtaining an Extended Reporting Period (tail policy) when lawyers and law firms consider a merger, sale, or retirement. Hughes also explains the trending increases in annual policy premiums and even caps on coverage as a result of the emerging hardening market for malpractice insurance for lawyers. In a “hard market,” Hughes emphasizes the need for law firms to submit their malpractice insurance applications early to allow brokers to effectively obtain competitive coverage for their law firm clients.
Episode 5. Global Episode: Israel, the Most Lawyers per Capita Worldwide – An Interview with Philip Stein of Philip Stein & Associates (Israel)
In this first global edition of the Senior Attorney Match Podcast, Philip Stein provides his perspective of the growing legal market in Israel as the President & CEO of Philip Stein & Assoc., the largest U.S. accounting firm in Israel (www.pstein.com). Originally from Chicago and educated at the University of Michigan (MBA), Philip founded Philip Stein & Assoc. in 1979 in Israel. Philip explains the progression of Israel’s legal market from the Dot Com Era during the 1990’s through Israel achieving its status as the Start-up Nation in the early 21st Century. Boasting the highest number of lawyers per capita of any country worldwide, the number of lawyers in Israel has increased from approximately 11,000 in 1990 to over 54,000 in 2020. Philip addresses a current tax tip for Israel-based start-ups to consider organizing their companies in the U.S. based upon Internal Revenue Code (IRC) Sec. 1202. And, Philip discusses that Israeli law firms lack a standard retirement model and continue to need options for Baby Boomer partners seeking to partially or fully retire.
Philip Stein & Assoc. provides tax and accounting services to individuals and businesses with a focus on Israeli start-ups seeking to enter the U.S market, or establish a U.S. subsidiary. The company prides itself on finding innovative solutions for its clients’ U.S. tax needs by utilizing its expertise and detailed knowledge of both U.S. and Israeli tax law. Philip Stein hosts the podcast, “From the Midwest to the Middle East,” which highlights amazing companies that drive the Israeli economy and have “no end to new ideas.” (https://www.pstein.com/podcasts/)
In this episode, Franchise Attorneys, Harold Kestenbaum, Tom Spadea, and Josh Lignana discuss Kestenbaum merging his Melville, NY based Franchise Law practice into Philadelphia based Spadea Lignana in April 2019 (www.spadealaw.com). Kestenbaum began practicing Franchise Law in 1977 and opened his own Franchise Law practice when New York passed its state franchise law in 1981. Spadea and Lignana, lifetime friends, started Spadea Lignana in 2011, following Spadea’s decision to go to Temple University Law School for the sole purpose of becoming a Franchise Attorney. Following Spadea asking Kestenbaum at a franchise trade show in January 2019 to consider Spadea Lignana for a future merger possibility, Senior Attorney Match facilitated negotiations that resulted in their merger in late April 2019. Now, a Top 5 Franchise Law firm nationwide, Spadea Lignana combines Kestenbaum’s 40+ year career of incubating and representing thousands of franchisors with Spadea Lignana’s reputation of assisting franchisors to strategically grow their brands. Spadea Lignana has its sights upon becoming the No. 1 Franchise Law firm nationwide. As Spadea states: “We are helping small franchisors build generational wealth.” For Kestenbaum, the merger has resulted in Kestenbaum “doing more of what I like to do.” Dubbed by Spadea and Lignana as the “Terminator,” Kestenbaum continues focusing on business development and assisting emerging brands bring their franchise dreams and ambitions to reality. Reflecting upon the addition of Kestenbaum to Spadea Lignana, Spadea says, “It’s phenomenal.”
Episode 3. Strategic Internet Marketing for Law Firms & Trial Lawyers, Interview with Peter C. Webb, Founding Member & SVP of Personal Injury at Scorpion
In this episode, recorded at the 2020 AAJ Winter Convention in New Orleans, Peter C. Webb, Founding Member & SVP of Personal Injury at Scorpion (www.scorpion.co) and a digital marketing consultant, explains Scorpion’s industry-leading Internet marketing business for law firms that includes a focus on trial lawyers. Per Scorpion’s motto, “Building a Better Way,” Scorpion offers a 3 part approach to Internet marketing for its law firm clients: Design content; Develop strategy, and Implement upon the strategy. According to Peter, the attention span for an individual searching for a PI attorney online is as low as 2-4 seconds. Scorpion understands that websites and social media channels for today’s trial lawyers must clearly portray why they are the best attorney choice for injured clients searching the Internet for an attorney to represent them. With over 850 employees in offices located in LA, the Dallas area, and Long Island, Scorpion has the resources and experience to develop 1, 3, and 5 year plans to position their trial lawyer clients to potential injured clients via a comprehensive digital strategy, including website and multiple social media channels. Peter describes 2 success stories. First, involving a mid-size, Houston-based PI firm for whom a collaborative digital marketing campaign helped increase the firm’s verdicts and settlements by several hundred million dollars over a 7-year span spearheaded by Scorpion. Second, involving a boutique plaintiff practice that needed to supplement their predominantly peer-based referrals by generating more cases directly. Within three months, they had already obtained a 7-figure new case, along with several dozen smaller accident and injury claims.
Regarding Senior Attorneys, Peter describes the “match made in heaven” that the combination of younger, growing law firms with the experience, track record, and legacy that Senior Attorneys presents to injured clients. Peter also encourages more Senior Attorneys to consider Scorpion for their Internet marketing needs because clients need to get the representation that they deserve. As Peter states: “It’s your job and duty to make sure you show up so they get the representation. That can’t happen if the Senior Attorneys aren’t standing up and making sure that they can be found.”
Episode 2. 21st Century Lending Options for Trial Attorneys and Law Firms - An Interview with Ari P. Kornhaber, Esq. of Esquire Bank
In this podcast, Ari. P. Kornhaber, Esq., co-founder of Esquire Bank, talks about the challenges lawyers face when lawyers seek to and grow their practice using external financing. The lending options available to law firms today are vast and often confusing with terms and conditions often hidden in the detail. Ari explains these real-world law firm lending options available to lawyers in simple ‘non-financial’ terms, helping law firms compare the different options available. Ari also explains that one of Esquire Bank's core differentiators is that Esquire understands that a law firm’s cases are its most valuable asset and one that Esquire uses when valuing a law firm and providing capital for growth.