Mini Podcast from the Ep. 9 of the Ask Show: Why are today’s Senior Attorneys tired of running their law firms?

During Ep. 9 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:

Why are today’s Senior Attorneys tired of running their law firms?

As Poock explains, Senior Attorneys feel tired of running their law firms for the following 3 reasons:

(1) Post-Covid, Senior Attorney owners of law firms have not enjoyed returning the “status quo ante” of managing their law firms, including making payroll twice per month, paying rent every month, and essentially, continue as the “buck stops hear” leader of their practices as they continue contemplating retirement and thinking about succession planning options for their practices.

(2) As time goes by, Senior Attorney owners of law firms realize that their key employee lawyers likely do not want to purchase their law firms, which adds stress and fatigue to their professional and personal lives.

Even though Senior Attorneys wish and hope that their key employee lawyers will someday walk down the hall one day to offer to purchase the practice, in reality, most key employee lawyers do not want to purchase their boss’ small business law firm and instead, want a reliable, safe, and predictable job.

(3) Post-2020 the world has changed, including how business development for lawyers works during today’s 3.0 Digital Era for the legal industry.  Unlike yester-year’s Word-of-Mouth era that led to Senior Attorney rainmakers developing and regularly replenishing their Books of Business based upon personal relationships, today’s (and tomorrow’s) clients by-pass rainmaker attorneys by searching online via Google and social media outlets when considering lawyers and law firms to retain.

As Poock states, “Google is also becoming America's greatest rainmaker for developing business for attorneys and law firms, and for those Senior Attorneys that are not investing in that multi-channel digital marketing, it's becoming even harder to develop business. And, hence why Senior Attorneys are tired.”

Poock also addresses how today’s Senior Attorneys can transform from:

Tired à Inspired à Retired