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