Senior Attorney Match Podcast

How a Successful Sale Looks & Feels 2+ Years Later

In this State of the Market for Law Firm Sales episode, Senior Attorney Match’s Jeremy E. Poock, Esq. and guest, Attorney Harold Kestenbaum of Spadea Lignana Franchise Attorneys, discuss how a successful sale looks and feels 2+ years later.

Key points include:

· The reasons why Harold decided not to pursue an Internal Successor.

· The Synergy Value that Harold presents to Spadea Lignana Franchise Attorneys.

· The quality of life benefits that Harold enjoys now that he can focus his time on practicing law, developing business, and spending more time outside of the office.

The 4 Reasons to Sell Your Law Firm in 2022

In this State of the Market for Law Firms episode, Senior Attorney Match’s Jeremy E. Poock, Esq. discusses the 4 Reasons to Sell Your Law Firm in 2022.

Key points include:

· Senior Attorney lead practices will enjoy their highest value this year, as compared to future years during the 2020’s.

· If you have would-be Internal Successors in your law practice, those Internal Successors likely do not want to purchase your law firm and cannot afford to purchase it either.

· Growing Law Firms want and need Senior Attorney lead practices because of the Synergy Value that Senior Attorneys, together with their lawyer and professional staff, present.

· When Senior Attorneys sell their law practices to Growing Law Firms, they realize significant quality of life benefits for themselves and their families.

Why Internal Successors Don’t Want to Purchase Your Law Practice & Can’t Afford to Either

In this State of the Market for Law Firms episode, Senior Attorney Match’s Jeremy E. Poock, Esq. discusses why Internal Successors don’t want to purchase a Senior Attorney’s law practice and can’t afford to either.

Key points include:

· There are 4 reasons why Internal Successors do not want to purchase a Senior Attorney’s law firm

· Growing Law Firms recognize and need the Synergy Value that Senior Attorney lead firms offer

· A “Winning Combination” results when Senior Attorneys and their would-be Internal Successors join Growing Law Firms

Growth by Acquisition Opportunities for Trial Attorney Firms in 2022

In this State of the Market for Law Firms episode, Senior Attorney Match’s Jeremy E. Poock, Esq. and Litify’s Dov Slansky discuss growth by acquisition opportunities for Trial Attorney Firms in 2022.

Key points include:

(1) The market is ripe for growth by acquisition in the Trial Attorney space;

(2) Growth by acquisition favors Trial Attorney firms that recognize the need to embrace technology in today’s 3.0 Digital Era; and

(3) Senior Attorney Trial Attorneys present tremendous Synergy Value to Growing Trial Attorney Firms.

The Impact of the Post-2020 Digital Era upon Law Firm Sales

In this State of the Market for Law Firms episode, Senior Attorney Match’s Jeremy E. Poock, Esq. discusses the impact of the Post-2020 Digital Era upon law firm sales.

Key points include:

· 2020 pivoted (really, plunged) the legal industry into the 3.0 Digital Era.

· Business development for law firms will continue favoring Growing Law Firms that embrace Multichannel Digital Marketing post-2020 because clients continue searching for their lawyers online.

· In reality, most Senior Attorneys are not adopting the same levels of digital marketing as their younger competitors.

· The Post-2020 Digital Era presents a supply and demand dynamic between:

Client attention migrating to Growing Law Firms (the Supply); and

The need by those clients for talented and experienced legal counsel (the Demand).

· As Growing Law Firms consider how to deliver the talent that their clients demand, Senior Attorneys present tremendous “Synergy Value.”

· When Growing Law Firms acquire Senior Attorney lead firms, it presents a “1 + 1 = 7” Business Development opportunity by applying Post-2020 digital marketing to the clients and referral sources that Senior Attorneys have developed during the course of their careers.

The 4 Reasons Why Law Firms Should Consider Growth by Acquisition in 2022

In this State of the Market for Law Firms episode, Senior Attorney Match’s Jeremy E. Poock, Esq. discusses the 4 reasons why law firms should consider growth by acquisition in 2022.

Key points include:

1. The 4 reasons for why law firms should consider growth by acquisition: 

• Instant Client Growth;
• Combining a Senior Attorney’s experienced workforce with a Growing Law Firm;
• The Cumulative Experience of Senior Attorneys, together with their lawyer and support staff; and
• The Marketing Value that Senior Attorneys present. 

2. The 1 + 1 = 7 Business Development opportunities that Senior Attorneys present to Growing Law Firms.

 

3. Senior Attorneys offer tremendous Synergy Value to Growing Law Firms.

The 5 Components to Valuing a Law Practice Post-2020

In this State of the Market for Law Firms episode, Senior Attorney Match’s Jeremy E. Poock, Esq. discusses the 5 components to valuing a law practice post-2020.

Key points include:

1. Pre-2020, law firm value consisted of the following 4 components: (1) Client List; (2) Referral Source List; (3) Good Will; and (4) Subject Matter knowledge.
2. 2020 propelled the legal industry into the 3.0 Digital Era and introduced the following 5^th new component to valuing a law practice: Digital Value.
3. Senior Attorneys who continue practicing in the 1.0 Word of Mouth Era and 2.0 Website Plus Era will continue losing market share to law firms that embrace the 3.0 Digital Era and its accompanying Multi-Channel Digital Marketing approach to business development.
4. Senior Attorneys offer tremendous Synergy Value to Growing Law Firms via the 5 Components of Value that Senior Attorneys have developed over the course of their careers.

Why Growing Law Firms Want & Need the 4 Components of Value that Senior Attorneys Present

In this State of the Market for Law Firm Sales, Senior Attorney Match’s Jeremy E. Poock, Esq. and Scott R. Loring, CPCC, address why Growing Law Firms want and need the 4 components of value that Senior Attorneys present

Key points include:

1. Growing Law Firms want and need the following 4 components of value that Senior Attorneys present: (i) New Clients; (ii) New Referral Sources; (iii) Good Will; and (iv) Subject Matter Knowledge.

2. Growing Law Firms that have adopted Multi-Channel Digital Marketing present a “1 + 1 = 7” business development opportunity for Senior Attorneys by: (i) Marketing to a Senior Attorney’s clients and referral sources; and (ii) Marketing a Senior Attorney’s Good Will and Subject Matter Knowledge.

3. Senior Attorneys who maintain their Status Quo between Ages 55 - 75 will generate less revenues post-2020 due to losing market share to Growing Law Firms who deploy Multi-Channel Digital Marketing to develop new business.

4. Growing Law Firms welcome Senior Attorneys, together with their key employee lawyer staff, because Growing Law Firms need competent lawyers who already know a Senior Attorney’s clients and the applicable subject matter knowledge.

The Impact of 2020 upon the 4 Components of Value for a Senior Attorney’s Law Practice

In this State of the Market episode, Senior Attorney Match’s Jeremy E. Poock, Esq. and Scott R. Loring, CPCC, address the impact of 2020 upon the 4 Components of Value of a Senior Attorney’s practice.

Key points include:

1. 2020 propelled our society deeper into the Digital Age, which has resulted in Google becoming America’s No. 1 referral source for lawyers.

2. Senior Attorneys, who began their careers during the 1.0 Word of Mouth Era for Business Development now find themselves in the 3.0 Digital Marketing Era, where business development for new clients requires a Multi-Channel Digital Marketing approach.

3. Consumers for legal services will continue migrating to convenience to find lawyers similar to how we all conveniently shop on Amazon, watch our favorite shows/movies on Netflix, workout at home on our Pelotons, and order Ubers rather than wait for taxis. 

4. Growing Law Firms, who continue outpacing Senior Attorneys in the 3.0 Digital Marketing Era for business development, want and need the 4 Components of Value that Senior Attorneys present.

The 4 Reasons Why Internal Successors Offer Limited Potential to Purchase a Senior Attorney’s Law Practice

In this State of the Market episode, Senior Attorney Match’s Jeremy E. Poock, Esq. and Scott R. Loring, CPCC, address the 4 Reasons Why Internal Successors Offer Limited Potential to Purchase a Senior Attorney’s Law Practice:

1. Key employee lawyers will not wake-up one day and convert into becoming business owners.
2. Potential Internal Successors lack business operations experience and the entrepreneurial mindset to own and operate a law practice.
3. Even though key employees maintain the trust of a Senior Attorney’s clients, they do not present the “1 + 1 = 7” Business Development potential that Senior Attorneys deserve.
4. As key employees, Internal Successors lack the capital to purchase a Senior Attorney’s practice.

By comparison, Senior Attorney Match recommends that Senior Attorneys sell their law practices to Growing Law Firms for the following 3 reasons:

1. Growing Law Firms want and need Senior Attorneys, together with key employees
2. Growing Law Firms have the ability to maximize the “1 + 1 = 7” for Business Development opportunities that Senior Attorneys present.
3. Growing Law Firms present the preferred pathway for Senior Attorneys to accomplish their goals of (i) Selling their law practices; (ii) Ensuring long-term representation of their clients by competent, successor counsel; and (iii) Securing long-term employment for their key employee lawyer and administrative staff.