State of the Market for Law Firm Sales in 7 Minutes: The Top 3 Lessons Learned in 2023

In the Top 3 Lessons learned in 2023, Senior Attorney Match’s Jeremy E. Poock, Esq. shares “The Top 3 Lessons Learned in 2023:”

Lesson #1: Internal Successors Want a Job & Not a Business: The #1 lesson learned in law firm sales in 2023 is: Internal Successors do not want to purchase their boss’ law firm.  Instead, Growing Law Firms want and need Senior Attorneys and their lawyer and non-lawyer staffs, together with the client list, cumulative expertise, and marketing value that Senior Attorneys present.

Lesson #2: Trust Transfer Works: Trust Transfer fulfills the dual functions of: (1) Transferring the trust of Senior Attorneys’ longtime clients to lawyers at the Growing Law Firms that Senior Attorneys join; and (2) Ensuring compensation to Senior Attorneys, which typically derives from fee sharing upon revenues attributable to a Senior Attorney’s Book of Business.  

Lesson #3: The Books of Businesses for Senior Attorneys Do Not Replenish as Much as Yester-Year: For those Senior Attorneys who do not adopt Multi-Channel Digital Marketing to generate new clients in the 2020s, their all-important Books of Business will not replenish as much as during yester-year’s Pre-Google Word-of-Mouth Era.