Senior Attorney Match Podcast

Q.1 from Ep. 25 of the Ask the Law Firm Seller Show: Why should Growing Law Firms pursue growth by acquisition?

During Ep. 25 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:

Why should Growing Law Firms pursue growth by acquisition?

As Poock explains, Growing Law Firms share the following 3 needs when it comes to their interest to boost the growth of their firms.

 

(1) They need new clients.

 

(2) They need an experienced workforce, including talented lawyers and support staff.

 

(3) During today’s 3.0 Digital Era for the legal industry, they need digital content to attract the attention of today's and tomorrow's clients, who continue to look online for lawyers and law firms to hire.

 

Growing Law Firms should pursue growth by acquisition because doing so fulfills their 3 needs, as follows:

 

(1) Senior Attorney-led firms have developed Books of Business literally over decades, which present instant client growth to an acquiring law firm.

 

(2) Senior Attorney-led firms typically have key employee lawyers and para-staff who want and need the following that Growing Law Firms can offer: A Reliable, Safe & Predictable Job.

 

(3) Senior Attorneys and their talented lawyer staff present treasure chests of subject matter knowledge that Growing Law Firms can convert to digital content to publish to multiple channels of digital marketing (egs. LinkedIn & Facebook posts, podcasts, YouTube videos, a monthly e-newsletter, Instagram reels, and more).

 

Poock also points out that the long-time, satisfied clients of a Senior Attorney-led firm present opportunities to request 100s of 5-Star Google Reviews, which today’s new clients continue relying upon as they consider retaining a lawyer or law firm.

 

In summary, Poock explains the following:

 

“[I]f you are running a firm and you're thinking about how to grow, what do you need? You need new clients. You need an experienced workforce, and you need digital content to attract the attention of today's and tomorrow's clients who are looking digitally . . . before they are making a call or sending in a contact form or a text to a law firm that they want to hire.

 

Senior Attorney-led firms check all of those boxes by offering them the Book of Business that Senior Attorneys have developed over the course of their careers. They have lawyers and the Senior Attorneys themselves . . . plus para-staff.  And, they offer literally treasure chests of digital content to Growing Law Firms.”

Q.2 from Ep. 25 of the Ask the Law Firm Seller Show: Why should Senior Attorney-led Firms consider selling or merging with a Growing Law Firm in the Mid-2020s?

During Ep. 25 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:

Why should Senior Attorney-led Firms consider selling or merging with a Growing Law Firm in the Mid-2020s?

 

As Poock explains, those Senior Attorneys who built their Books of Business during the pre-Google Word-of-Mouth Era will not originate as many clients as yester-year because today’s (and tomorrow’s) clients continue searching for lawyers and law firms via “Uncle Google,” America’s greatest referral source and rainmaker for law firms in today’s Digital Era for the legal industry.

 

As Poock states, “[B]usiness development for law firms fundamentally changed post-2020. And, the reason why is because of a shift in consumer behavior . . . They are going straight to Google . . . And, for those law firms that are investing in multi-channel digital marketing, they're attracting more clients than those than those . . . Senior Attorney-led firms that are maintaining a website only, Word-of-Mouth type approach.”

 

As Poock also explains, “[I]f your firm is generating less clients in the post-2020 era because you're not investing in digital marketing to attract new clients, and if you're seeing that your firm is not generating as many clients as you did in the pre-Google Word-of-Mouth era, then now is the right time to sell.”

 

This episode also explains that Growing Law Firms want and need the following 3 resources that Senior Attorney-led firms offer:

 

(1) New clients from a Senior Attorney-led firm’s Book of Business.

 

(2) Key employee lawyers and para-staff; and

 

(3) Treasure chests of subject matter knowledge to convert into digital content to attract the attention of today’s (and tomorrow’s) clients who search for lawyer and law firms online.

 

In addition, Poock debunks the following 3 fears that many Senior Attorneys express about selling or merging with a Growing Law Firm:

 

(1) Fear of having a Boss

 

(2) Fear of losing control by no longer managing “the office”

 

(3) Fear of loss of identity by transitioning from owning a law firm to joining a Growing Law Firm

 

And, the episode concludes with the following overview of typical payment terms by Growing Law Firms when acquiring Senior Attorney-led firms:

 

“What we're seeing, and what we call Law Firm Sales 1.0, is that when you are transitioning your Book of Business (your clients and your referral sources) to the lawyers at Growing Law Firms . . . that the consideration is structured as an earnout, that is, that you're being paid a percentage of the revenues that is derived from your Book of Business, paid over a negotiated period of time, which often happens during your retirement years. Hence, you're able to monetize, annuitize that all important Book of Business that you've worked so hard over the course of your career to develop.”

Poock’s Post from Ep. 25 of the Ask the Law Firm Seller Show: Why the Rewards Outweigh the Risks for Growth by Acquisition

During the Poock’s Post segment of Ep. 25 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following:

Why the Rewards Outweigh the Risks for Growth by Acquisition

 

As Poock states at the outset, “[W]hen it comes to growth by acquisition for Growing Law Firms, the rewards absolutely outweigh the risks.”

 

Poock explains the following Rewards associated with growth by acquisition:

 

(1) Instant client growth by succeeding to a well-established Book of Business filled with clients and referral sources

 

(2) Adding knowledgeable and experienced lawyers and para-staff

 

(3) Low-risk earnout payment terms (% of revenues paid during a fixed period of time)

 

(4) Opportunities to convert decades of Subject Matter Knowledge to content for Multi-Channel Digital Marketing

 

(5) Succeed to a legacy phone number(s)

 

(6) Benefit from established websites and additional digital value (egs. SEO Rankings, 5-Star Google Reviews, 3-Pack results & more)

 

Poock also explains the following Risks associated with growth by acquisition:

 

(1) Overpaying a Seller if clients do not retain the acquiring firm

 

(2) Not enough lawyers and para-staff to provide legal services to additional clients

 

(3) Costs of adding overhead (egs. salaries, benefits, additional rent, etc.)

 

When pointing out those risks, Poock references the well-known buzzer sound from Family Feud game show to point out how the Rewards outweigh those Risks.

Q.1 from Ep. 24 of the Ask the Law Firm Seller Show: Why do key employee lawyers consider purchasing their boss’ law firm as too risky?

During Ep. 24 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:

Why do key employee lawyers consider purchasing their boss’ law firm as too risky?

 

As Poock explains, “[W]hat we see in the marketplace is that when Senior Attorneys consider selling their law firms to whom they consider an internal successor, which is typically one or more key employee lawyers . . .those key employee lawyers will perform a Risks vs. Rewards analysis, where the risks all too often outweigh the rewards.”

 

Even though key employee lawyers recognize the benefits of potentially higher compensation, access to firm profits, and the ability to succeeding to managing the practice, they also spot the following issues when considering purchasing their boss’ law firm:

 

• What if they are not able to originate the same amount, or even more clients, than the Senior Attorney founder(s) of the firm.

 

• How will they replace the Senior Attorney founder(s) of the firm from the standpoints of rainmaking and revenue generation?

 

• What if instead of benefiting by higher compensation and access to profits, their compensation actually decreases?

 

• What about taking on personal exposure in the form of guarantying a lease and bank credit line for the firm?

 

• What if a key lawyer or para-staff unexpectedly leave the firm?

 

Based upon the risks outweighing the rewards, Poock points out that key employee lawyers typically do not want to purchase their boss’ law firm and cannot afford to either.

 

Instead, key employee lawyers at Senior Attorney-led firms typically want and need the following:

 

A reliable, predictable, and safe job.

The Dos & Don’ts for Succession Planning for Lawyers in the Mid-2020s

In Ep. 60 of the State of the Market for Law Firm Sales in 11 Minutes, Senior Attorney Match’s Jeremy E. Poock, Esq. addresses the following:

The Do’s & Don’ts of Succession Planning for Lawyers in the Mid-2020s

 

Poock explains the following 5 Dos:

 

(1) Update Book of Business contact info. (addresses, e-mails, cell phone nos.)

 

(2) Recognize that Key Employee Lawyers do not want to purchase their boss’ law firm because they want a reliable, predictable & safe job

 

(3) Update content & pics. for the firm’s website, plus request 5-Star Google reviews from clients

 

(4) Consider selling or merging with a Growing Law Firm that wants & needs new clients, experienced lawyer/non-lawyer staff & digital content

 

(5) Expand digital marketing (egs. update LinkedIn profile & regularly post to social media platforms)

 

Poock also explains the following 5 Don’ts:

 

(1) Wait too long to sell if your firm originates fewer new clients in the Mid-2020s than Pre-Google

 

(2) Assume that Key Employee Lawyers want to become Internal Successors

 

(3) Underestimate “Uncle Google” as America’s greatest referral source for attorneys

 

(4) Maintain the Status Quo & risk a Random Tuesday Event (egs. unexpected departure of a Key Employee Lawyer; pre-mature death or incapacity of a Senior Attorney law firm owner)

 

(5) Overlook converting Subject Matter Knowledge to Digital Marketing Content

Clio CLE Program - Passing the Torch: How to Sell, Merge, or Transition Your Law Firm for Maximum Value – Clio Solo & Small Firm Virtual Summit, May 8, 2025

In this 1 hour CLE program during Clio’s May 8, 2025 Solo & Small Firm Virtual Summit, Senior Attorney Match’s Jeremy E. Poock, Esq. and Schwabe partner, Steve Horenstein, Esq., discuss how to value, sell, and purchase a law firm post-2020, together with the ethical rules associated with succession planning for lawyers.

 

Horenstein shares his first-hand experience after merging his Vancouver, WA practice with a regional law firm, Schwabe, in 2022. 

 

Alex Bramos of Clio moderates the CLE program, including its Q&A session.

 

Topics include:

 

(1) How to value a law firm;

 

(2) The 3 options for selling a law firm;

 

(3) Important items to update and organize 12-24 months before selling a law firm;

 

(4) The top 5 mistakes to avoid before selling a law firm;

 

(5) The value of growth by acquisition;

 

(6) The 4 steps needed to achieve success post-sale; and

 

(7) The Professional Rules of Conduct associated with Succession Planning for Lawyers

Poock’s Post from Ep. 24 of the Ask the Law Firm Seller Show: The Do’s & Don’ts of Succession Planning for Lawyers

During the Poock’s Post segment of Ep. 24 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following:

The Do’s & Don’ts of Succession Planning for Lawyers

 

Poock explains the following 5 Dos:

 

(1) Update Book of Business contact info. (addresses, e-mails, cell phone nos.)

 

(2) Recognize that Key Employee Lawyers do not want to purchase their boss’ law firm because they want a reliable, predictable & safe job

 

(3) Update content & pics. for the firm’s website, plus request 5-Star Google reviews from clients

 

(4) Consider selling or merging with a Growing Law Firm that wants & needs new clients, experienced lawyer/non-lawyer staff & digital content

 

(5) Expand digital marketing (egs. update LinkedIn profile & regularly post to social media platforms)

 

Poock also explains the following Don’ts:

 

(1) Wait too long to sell if your firm originates fewer new clients in the Mid-2020s than Pre-Google

 

(2) Assume that Key Employee Lawyers want to become Internal Successors

 

(3) Underestimate “Uncle Google” as America’s greatest referral source for attorneys

 

(4) Maintain the Status Quo & risk a Random Tuesday Event (egs. unexpected departure of a Key Employee Lawyer; pre-mature death or incapacity of a Senior Attorney law firm owner)

 

(5) Overlook converting Subject Matter Knowledge to Digital Marketing Content

Why Most Key Employee Lawyers Choose Not to Purchase Their Boss’ Law Firm

In Ep. 59, Senior Attorney Match’s Jeremy E. Poock, Esq. explains why most key employee lawyers do not want to purchase their boss’ law firm.

As Poock points out, key employee lawyers typically do not want to purchase their boss’ law firm because, at some point, they will perform a Risks vs. Rewards analysis.

 

Even though the rewards, at the outset, appear appealing, the risks often outweigh those rewards.

 

The rewards include: (i) Increased compensation and access to profits; (ii) Management authority to make changes; and (iii) The option and ability to grow the practice.

 

As good lawyers, key employee lawyers then start spotting issues, i.e., risks, which include the following: (i) The possibility of not originating enough new clients to maintain the firm’s cash flow needs; (ii) The challenge of replacing a Senior Attorney founder from the standpoints of skills, billings, and rainmaking capabilities; (iii) The potential for making less money rather than more; (iv) Personal debt exposure (egs. personal guaranty to a lease or line credit); (v) Decrease in work-life balance; (vi) Unforeseen changes (ex. loss of 1 or more key employees).

 

“So, when key employee lawyers . . . perform this Risks vs. Rewards analysis, the risks just all too often outweigh the rewards,” Poock states.

 

Poock also points out that most key employee lawyers do not want to purchase their boss’ law firm and cannot afford to either.

 

Instead, most key employee lawyers seek the following:

 

A reliable, safe, and predictable job.

 

When Senior Attorney law firm owners falsely expect their key employee lawyers to purchase their law firms, unfortunately, such false expectations can result in a Random Tuesday Event, where a key employee lawyer gives his or her boss only 2 or 4 weeks notice in advance of joining another firm. 

 

In addition to the short-term loss in revenues that such a Random Tuesday Event can cause, Poock explains that the unexpected departure of a key employee presents the following longer-term negative impacts, as well: (i) The inability to retain as many new clients if the firm no longer has the capacity to represent as many clients; and (ii) A loss in firm value due to a combination of (a) A potential loss of clients who join a former key employee at a new law firm; and (b) Decreased appeal to a Growing Law Firm purchaser who wants and needs a selling law firm’s key employee lawyer to continue representing the firm’s clients, as well as clients of a purchaser’s firm.

 

By contrast, when Senior Attorney law firm owners recognize (realize) that their key employee lawyers do not want to purchase their law firm and can’t afford to either, they can then realize the following:

 

Key employee lawyers present 1 of the following 3 key resources that Growing Law Firm purchases seek when purchasing a law firm:

 

1. The Selling law firm’s Book of Business

 

2. Key employee lawyers and para-staff, whom Growing Law Firms want and need for the purposes of continuing to represent a Seller’s clients, plus clients of a Growing Law Firm.

 

3. The combined subject matter knowledge of Senior Attorneys and their key employee lawyers, which today’s Growing Law Firms need to convert to digital content for the purposes of attracting the attention of today’s and tomorrow’s clients who search online for lawyers and law firms to retain.

 

And, when Senior Attorneys sell their law firms to Growing Law Firms, Poock explains the following 4 Winners that result:

 

1. Senior Attorneys: Senior Attorneys win by monetizing their law firms; spending more time with their families; no longer needing to manage “the office;” and having the option to continue practicing in an Of Counsel type capacity for months, or even years to come.

 

2. Key Employee Lawyers & Para-Staff: Key employee lawyers and para-staff win by maintaining a reliable, predictable and safe job, as well as the benefits and joy of maintaining their team at a new employer.

 

3. Clients: Clients of a Senior Attorney-led firm win by benefiting from continuing, competent legal representation.

 

4. Growing Law Firms: A Growing Law Firm purchaser wins by acquiring the following 3 resources needed to boost growth (i) Clients; (ii) Experienced lawyer and non-lawyer staff; and (iii) Subject Matter Knowledge offered by Senior Attorneys and key employee lawyers to convert into digital content to boost their multi-channel digital marketing efforts to generate new clients who search online today for lawyers and law firms to retain.

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.