Q.3 from Ep. 22 of the Ask the Law Firm Seller Show: What Value Do Senior Attorney-led Personal Injury Law Firms Offer to Growing Personal Injury Law Firms?

During Ep. 22 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:

What value do Senior Attorney-led Personal Injury Law Firms offer to Growing Personal Injury Law Firms?

In response, Poock explains the following dual value that Senior Attorney-led Personal Injury Law Firms offer to Growing Personal Injury Law Firms:

 

1. Value No. 1 – Originate New Clients: In contrast to the rising costs for today’s Growing PI firms to generate new clients (egs. Google, optimized websites, vanity phone numbers, social media, ads on TV, radio, and via billboards, and lead generation cos.), Senior Attorney-led PI firms present the following lower costs for originating new clients: (a) Established Books of Business filled with clients and referral sources; (b) Rainmaker attorneys well known in their communities who continue generating new matters via their word-of-mouth reputations among individuals and professionals; (c) Legacy phone numbers; (d) Mature websites; and (e) Untapped digital value in terms of (1) Access to 100s (even 1000s) of 5-Star Google Reviews; and (2) Opportunities to convert decades worth of subject matter knowledge to digital content to post via Multi-Channel Digital Marketing to attract the attention of potential clients.

 

As Poock states, “[I]t's very expensive for growing PI firms today to acquire new clients because the only way to acquire those new clients is by investing in Google, optimizing your website, vanity, phone numbers, social media, TV, radio, billboards and lead gen companies.

 

A far less expensive way to be generating new clients today is by purchasing, acquiring, merging with Senior Attorney-led firms that offer legacy value in terms of Books of Business, rainmaking skills, legacy phone numbers, websites that are mature, and untapped, digital value in the form of Google reviews, and converting subject matter knowledge into digital content.”

 

2. Value No. 2 – Maximize Case Value: Once Growing Personal Injury Law Firms originate new clients, the following question arises: How do we maximize case value?

 

“[A]nd, that's where Senior Attorneys at Senior Attorney-led [PI] firms offer tremendous value to those growing PI firms,” Poock states.

 

Examples of how Senior Attorney PI attorneys maximize case value include: (a) Assisting with signing-up high value cases based upon experience, coupled with the ability to assure clients that they are in “good hands” with a law firm that has been there/done that, including experience with achieving high value results in matters just like theirs; (b) Decades of experience of knowing how to “build the case;” (c) The value of including a Senior Attorney PI’s signature to a demand letter or complaint, where insurance companies and defense counsel immediately know the trial and settlement history of the attorney representing the Plaintiff’s interest; (d) A career’s worth of experience with Discovery and conducting depositions; and (e) Trial ready, including often maintaining reputations among defense counsel, mediators, and judges.

 

As Poock summarizes, for those Growing PI law firms who continue spending vast sums to generate new clients, Senior Attorney-led firms present tremendous opportunities to maximize case values because of their experience, know-how, and reputations.