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 . . . .”