Senior Attorney Match Podcast

Episode 23: 2 of 2: For Sale by Owner (FSBO) - Perspectives from Two National Leaders in Business Brokerage

In Part Two of the FSBO episode, business brokers, Gary Rayberg, President of ROI Corporation (www.roibusinessbrokers.com) and Cress V. Diglio, Managing Partner of Calder Associates (www.calderassociates.com), address FSBO’s in the context of: (i) A friendly competitor; and (2) An internal sale. When considering a friendly competitor, Diglio and Rayberg explain how a business broker can expedite the sale process, as well as identify when a friendly competitor lacks a genuine interest to purchase the Seller’s business, or worse, may seek a Seller’s competitive information. Poock adds that introducing additional buyers for a Seller to consider beyond a familiar, friendly competitor also provides value to Sellers. For internal sales, Poock explains the value of structuring, valuing, and serving as an emotional buffer that intermediaries provide. As Diglio points out, business brokers who structure internal sales deliver a “feel good story all the way around” by achieving the sale of a Seller’s business to a key employee or family member who can continue running the company.

Episode 22: 1 of 2: For Sale by Owner (FSBO) - Perspectives from Two National Leaders in Business Brokerage

In this two-part episode, two national leaders in business brokerage, Gary Rayberg, President of ROI Corporation (www.roibusinessbrokers.com) and Cress V. Diglio, Managing Partner of Calder Associates (www.calderassociates.com), discuss For Sale by Owner – FSBO. In Part One, Rayberg and Diglio define FSBO and address the risks that FSBO presents to Sellers. When comparing selling a business via FSBO to working with a business broker, Rayberg identifies the amount of work involved with selling a business, including valuing, marketing, and allocating 150-300+ hours from Listing to Closing. Diglio emphasizes the benefits of an intermediary’s sales process, including the importance of a valuation. As Diglio states, “The valuation sets an expectation.” Rayberg adds, “Having someone that is knowledgeable about valuation and also deal structure can help someone who is selling understand if they are getting a good deal.”

Episode 20. Senior Attorney Match's Integration Consulting Explained

In this episode, Attorney Jeremy E. Poock, Esq. and Scott Loring of Cooperative Coaching & Mediation discuss “Integration Consulting” the fourth step in Senior Attorney Match’s 4-step process for designing and implementing succession plans for Senior Attorneys. Poock and Loring discuss Integration Consulting as it applies to a Senior Attorney joining a growing law firm. During Integration Consulting, Senior Attorney Match continues its role as intermediary by assisting the parties to: (i) Build trust among each other during their first 6-12 months practicing together; and (ii) Keep their eyes on the proverbial ball by focusing on fulfilling the terms of the agreement that they negotiated during Implementation. As Poock explains, the Integration Consultant makes the process of integrating a Senior Attorney’s practice into a growing law firm “so much smoother, so much more effective, and ultimately, much more successful for the Senior Attorney, the growing law firm, and really, the clients who benefit by these parties having come together.”

 

Episode 19. Senior Attorney Match's Implementation Explained

In this episode, Attorney Jeremy E. Poock, Esq. and Scott Loring of Cooperative Coaching & Mediation discuss “Implementation,” the third step in Senior Attorney Match’s 4-step process for designing and implementing succession plans for Senior Attorneys. In Implementation, Senior Attorney Match implements upon the succession planning option determined during the Next Step Process. Typically, that option involves pursuing a growing law firm. Implementation involves 4 phases: (1) Identifying growing law firms for Senior Attorneys to consider; (2) Serving as the intermediary to contact growing law firms that Senior Attorney Match identifies for its clients; (3) Conducting and leading negotiations between a Senior Attorney and a growing law firm; and (4) Overseeing the drafting of an agreement between the parties to document the terms that Senior Attorney Match assists its clients to negotiate. As Poock states, “At the end of day, our goal is to make sure that our clients are getting the right successor for their law practice.”

Episode 18. Intelligent Growth for Trial Attorney Firms – New Times Call for New Measures

In this episode, Jeremy E. Poock, Esq., founder of Senior Attorney Match (www.seniorattorneymatch.com), Ari P. Kornhaber, Esq., Co-founder and Executive Vice President of Esquire Bank (www.esquirebank.com), and Peter Webb, a founding member and Senior Vice President of Scorpion (www.scorpion.co) discuss intelligent growth opportunities for Trial Attorney Firms to thrive and not just survive during the Covid-19 era. Webb identifies the 3 major problems that Trial Attorney Firms face today: (i) Generating more/better cases; (ii) Getting in front of the types of cases that Trial Attorneys want; and (iii) Wasting money on case acquisition costs. Webb defines “Intelligent Growth for Trial Attorneys” as the strategic expansion of (i) Cases; (ii) Firm size; (iii) Geography; and (iv) Market share. Kornhaber stresses the need for Trial Attorney Firms to “plan for long game now,” starting by projecting case inventory revenues for the next 12, 24, and 36 months. Kornhaber explains the benefits that case cost financing offers to Trial Attorneys and describes the Case Cost Line of Credit and Working Capital Line of Credit that Esquire Bank offers to Trial Attorney Firms. Webb and Kornhaber discuss the interplay between investing in Internet Marketing Strategies and operational infrastructure for growing Trial Attorney Firms, including how Esquire Bank’s case cost financing can free-up financial resources for Trial Attorneys to: (i) Improve their firm’s brand; (ii) Generate new cases; and (iii) Invest in operational infrastructure to position themselves for growth. Poock shares the “Win-Win” opportunities that Senior Attorney trial lawyers present to growing Trial Attorney Firms, including: (i) Adding new cases; (ii) Adding new referral sources; and (iii) Bringing 30+ years of trial experience that often results in increasing a growing Trial Attorney Firm’s overall case values.

Episode 17. Senior Attorney Match's Next Step Process Explained

In this episode, Jeremy E. Poock, Esq. and Scott Loring discuss the “Next Step Process,” the second part of Senior Attorney Match’s 4-step approach to design and implement succession plans for Senior Attorneys. During the Next Step Process, Senior Attorney Match (i) Determines the value of a Senior Attorney’s practice; (ii) Simulates the “Internal Plan” vs. “External Plan” options for who can succeed to a Senior Attorney’s practice; and (iii) Designs a “go to market” plan for Senior Attorneys to implement.

Episode 16. Video Version of Trial Attorneys: Open for Business - Internet Marketing Strategies with Scorpion’s Peter Webb & Angela Wearn

In this episode, Peter Webb, SVP and Angela Wearn, EVP of Scorpion’s Personal Injury Law Division (www.scorpion.co) provide tips and developing best practices as Trial Attorneys evaluate and pivot their Internet Marketing Strategies in response to the global Coronavirus Pandemic. As Peter recommends, “Take a fresh look at how your firm is perceived online. . . because that is a critical component to acquiring new clients today.” Angela and Peter address the current and future opportunities that Zoom and other video conferencing platforms offer to Trial Attorneys. As Angela states, “Speed in marketing is really the name of the game. The person who gets to a client first statistically will sign them.” In response to Poock commenting about the “incredibly personal” nature of Zoom when communicating with clients, Peter adds, “It is fantastic new addition that all firms should embrace.” As Internet Marketing advice for the remainder of 2020, Peter and Angela emphasize the importance for Trial Attorneys to (i) remain front, center, and present for their clients; and (ii) review the interplay between their operational infrastructure and Internet Marketing Strategy. As Peter comments about the impact of the Pandemic: “From this, things change, and you need to change with it.”

Episode 15. 5 Myths vs. Realities: Who Can Succeed to a Senior Attorney's Practice?

In this episode, Jeremy E. Poock, Esq. and Scott Loring explain the 5 Myths vs. Realities about who can succeed to a Senior Attorney’s practice. As Poock and Loring discuss, the 5 Myths are as follows: (1) This year, my internal successor will approach me to offer to purchase my practice; (2) If I ask my internal successor to make me an offer, he will get scared that I may retire soon and then leave with my key clients and referral sources; (3) This year, I will recruit a lawyer from a mid-size or large law firm with 15-20 years of experience and a book of business who will want to take over my practice when I retire; (4) If I consider merging my practice with a Growing Law Firm, my internal successor will leave and take my key clients and referral sources with him. (5) Based upon the long-time loyalty of my lawyer staff, they deserve to take over my practice. Poock points out the 4 values that Senior Attorney lead practices present to the right successor, namely: (1) Clients; (b) Referral Sources; (c) Good Will; and (d) The know-how of a Senior Attorney’s staff, including well-trained, knowledgeable junior attorneys. Poock and Loring discuss the risks that relying upon the 5 Myths for too long presents to the value of a Senior Attorney’s practice. And, Poock explains the 3 Wins that Growing Law Firms present to Senior Attorneys: (i) Entering into a succession plan with the right successor who will welcome the Senior Attorney and often, the Senior Attorney’s lawyer staff; (ii) Securing ongoing, competent representation for the Senior Attorney’s clients; and (iii) Transitioning a Senior Attorney’s practice to a successor that wants the practice and has both the capability and motivation to continue growing it beyond the generation’s worth of good will that the Senior Attorney developed.

Episode 14. Senior Attorney Match's Next Step Workshop Explained

In this episode, we explain why Senior Attorney Match created its 90 minute Next Step Workshop for attorneys considering selling their law practices. As Poock explains, the Next Step Workshop provides a safe environment for attorneys to explore: (1) What is my practice worth? (2) To whom can I sell my law practice? (3) What is the difference between an Internal Plan and an External Plan? (4) What risks do waiting too long present? (5) How do I rate the importance of monetizing my practice vs. gaining the freedom to spend more time with family and other “outside the office” pursuits? (6) What is my time frame? and (7) What do I really want and why? Participants leave the Next Step Workshop with a road map and timeline to accomplish the goals that we design. They also learn about the risks that waiting too long can present, including: (a) The increased risk for an unexpected physical or mental health event; (b) A decrease in practice value as a Senior Attorney’s clients and referral sources retire or move away; and (c) The “4-Bads” that result when a key associate or partner unexpectedly decides to join another law firm rather than succeed to a Senior Attorney’s practice.

Episode 13 Trial Attorneys: Open for Business - West Coast

In this West Coast edition of “Trial Attorneys: Open for Business,” Attorney Robert E. Cartwright, Jr. of San Francisco based Cartwright Law Firm (www.cartwrightlaw.com) and Attorney R. Brent Wisner of Los Angeles based Baum, Hedlund, Aristei & Goldman, PC (www.baumhedlundlaw.com) join returning guest, mediator Attorney Sarah E. Worley of Boston based Worley Conflict Resolution (www.worleyconflictresolution.com ). Addressing his experience with defense counsel while courts remain closed for trials, Cartwright expresses encouragement about the progression of Discovery, virtual depositions, and virtual mediations. Wisner explains how his Mass Tort practice has transitioned to focusing on areas that do not require in-person interactions. Worley, who transformed her national mediation practice in mid-March to a virtual platform via Zoom, states: “I am mediating every day.” Worley also explains that insurance company decision-makers have actually become more accessible during virtual mediations. Addressing his experience with virtual mediations, Cartwright states that Zoom works “pretty well,” but long-term “we are going to be in trouble if we cannot figure out how to get cases to trial. . . Without the threat of a trial, it’s hard to have the leverage to settle a case.” Looking to the future of Mass Torts once Stay-at-Home orders begin easing, Wisner foresees the need for significant, in-person catch-up. Before then, Wisner comments about ongoing innovation and adaptation in Mass Torts such as the recent stipulation for the appointment of a Special Master in the Zantac litigation. Commenting about how that Special Master has organized the parties to negotiate discovery agreements, Wisner states: “We’ve made more progress during Covid in this limited time than I have ever seen happen in a MDL, and yet, we haven’t even physically met each other one time.” As Poock states: “This is what innovators do. They adapt.”