Shows
Senior Attorney Match PodcastQ.2 from Ep. 26 of the Ask the Law Firm Seller Show: Why do Growing Law Firms want to purchase Senior Attorney-led Law Firms?During Ep. 26 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:
Why do Growing Law Firms want to purchase Senior Attorney-led Law Firms?
Poock answers this question by explaining the following 4 upgrades that Senior Attorney-led Law Firms present to Growing Law Firms:
Upgrade 1: Instant upgrade to a Growing Law Firm’s Book of Business by acquiring the Book of Business that a Senior Attorney-led firm has developed over the course of a career.
Upgrade 2: Upgrade to a Growing Law Firm’s work...2025-07-2106 minSenior Attorney Match PodcastQ.1 from Ep. 26 of the Ask the Law Firm Seller Show: How long does it take to sell a law firm?During Ep. 26 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:
How long does it take to sell a law firm?
Poock answers this question by explaining the following 3 stages involved with selling a law firm:
Stage 1: Preparing to sell a law firm
Poock points out that during the 12-24 months prior to selling a law firm, the owner(s) of a selling law firm should organize the following:
The law firm’s client list, including addresses, e-mai...2025-07-1423 minSenior Attorney Match PodcastQ.1 from Ep. 25 of the Ask the Law Firm Seller Show: Why should Growing Law Firms pursue growth by acquisition?During Ep. 25 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:
Why should Growing Law Firms pursue growth by acquisition?
As Poock explains, Growing Law Firms share the following 3 needs when it comes to their interest to boost the growth of their firms.
(1) They need new clients.
(2) They need an experienced workforce, including talented lawyers and support staff.
(3) During today’s 3.0 Digital Era for the legal industry, they need digital content to attract the attention of today...2025-07-0811 minSenior Attorney Match PodcastQ.2 from Ep. 25 of the Ask the Law Firm Seller Show: Why should Senior Attorney-led Firms consider selling or merging with a Growing Law Firm in the Mid-2020s?During Ep. 25 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:
Why should Senior Attorney-led Firms consider selling or merging with a Growing Law Firm in the Mid-2020s?
As Poock explains, those Senior Attorneys who built their Books of Business during the pre-Google Word-of-Mouth Era will not originate as many clients as yester-year because today’s (and tomorrow’s) clients continue searching for lawyers and law firms via “Uncle Google,” America’s greatest referral source and rainmaker for law firms in today’s Digital Era for the legal...2025-07-0119 minSenior Attorney Match PodcastPoock’s Post from Ep. 25 of the Ask the Law Firm Seller Show: Why the Rewards Outweigh the Risks for Growth by AcquisitionDuring the Poock’s Post segment of Ep. 25 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following:
Why the Rewards Outweigh the Risks for Growth by Acquisition
As Poock states at the outset, “[W]hen it comes to growth by acquisition for Growing Law Firms, the rewards absolutely outweigh the risks.”
Poock explains the following Rewards associated with growth by acquisition:
(1) Instant client growth by succeeding to a well-established Book of Business filled with clients and referral sources
2025-06-1608 minSenior Attorney Match PodcastQ.1 from Ep. 24 of the Ask the Law Firm Seller Show: Why do key employee lawyers consider purchasing their boss’ law firm as too risky?During Ep. 24 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:
Why do key employee lawyers consider purchasing their boss’ law firm as too risky?
As Poock explains, “[W]hat we see in the marketplace is that when Senior Attorneys consider selling their law firms to whom they consider an internal successor, which is typically one or more key employee lawyers . . .those key employee lawyers will perform a Risks vs. Rewards analysis, where the risks all too often outweigh the rewards.”
Even though k...2025-06-0408 minSenior Attorney Match PodcastThe Dos & Don’ts for Succession Planning for Lawyers in the Mid-2020sIn 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 w...2025-05-2715 minSenior Attorney Match PodcastClio CLE Program - Passing the Torch: How to Sell, Merge, or Transition Your Law Firm for Maximum Value – Clio Solo & Small Firm Virtual Summit, May 8, 2025In this 1 hour CLE program during Clio’s May 8, 2025 Solo & Small Firm Virtual Summit, Senior Attorney Match’s Jeremy E. Poock, Esq. and Schwabe partner, Steve Horenstein, Esq., discuss how to value, sell, and purchase a law firm post-2020, together with the ethical rules associated with succession planning for lawyers.
Horenstein shares his first-hand experience after merging his Vancouver, WA practice with a regional law firm, Schwabe, in 2022.
Alex Bramos of Clio moderates the CLE program, including its Q&A session.
Topics include:
(1) How to va...2025-05-1958 minSenior Attorney Match PodcastPoock’s Post from Ep. 24 of the Ask the Law Firm Seller Show: The Do’s & Don’ts of Succession Planning for LawyersDuring the Poock’s Post segment of Ep. 24 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following:
The Do’s & Don’ts of Succession Planning for Lawyers
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 r...2025-05-1209 minSenior Attorney Match PodcastWhy Most Key Employee Lawyers Choose Not to Purchase Their Boss’ Law FirmIn Ep. 59, Senior Attorney Match’s Jeremy E. Poock, Esq. explains why most key employee lawyers do not want to purchase their boss’ law firm.
As Poock points out, key employee lawyers typically do not want to purchase their boss’ law firm because, at some point, they will perform a Risks vs. Rewards analysis.
Even though the rewards, at the outset, appear appealing, the risks often outweigh those rewards.
The rewards include: (i) Increased compensation and access to profits; (ii) Management authority to make changes; and (iii) The option and abil...2025-04-2818 minSenior Attorney Match PodcastThe Devastating Impact of a Random Tuesday Event upon Law Firm ValueIn Ep. 58 of the State of the Market for Law Firm Sales in 11 Minutes, Senior Attorney Match’s Jeremy E. Poock, Esq. addresses the following 2 Random Tuesday Events:
A Key Employee Random Tuesday Event; and
A Pre-Mature Death or Incapacity Random Tuesday Event
A Key Employee Random Tuesday Event occurs when a key employee lawyer(s), typically the lawyer(s) whom a Senior Attorney views as the firm’s internal successor, provides only 2 or 4 weeks about accepting a new job at another law firm.
This type of Random Tuesday event c...2025-04-2214 minSenior Attorney Match PodcastQ.2 from Ep. 22 of the Ask the Law Firm Seller Show: Why do Key Employee Lawyers at Senior Attorney-led Firms not want to purchase their boss’ law firm?During Ep. 22 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:
Why do Key Employee Lawyers at Senior Attorney-led Firms not want to purchase their boss’ law firm?
In response, Poock first explains the following 4 reasons why key employee lawyers do not want to purchase their boss’ law firm:
Owners of Senior Attorney-led firms hired their key employee lawyers “X” number of years ago, and those same key employee lawyers continue to only want a job, as compared to aspiring to becoming the owner of t...2025-04-0707 minSenior Attorney Match PodcastQ.1 from Ep. 22 of the Ask the Law Firm Seller Show: If I merge my law firm with a Growing Law Firm, won’t I suddenly have a new boss?During Ep. 22 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:
If I merge my law firm with a Growing Law Firm, won’t I suddenly have a new boss?
In response, Poock begins by explaining that when Senior Attorneys contact Senior Attorney Match, they often share the following commonalities: (a) An interest to stop managing their small business law firms; and (b) Their hope that their key employee lawyers will recognize the opportunity to purchase the practice that their Senior Attorney boss has developed.
R...2025-04-0110 minSenior Attorney Match PodcastQ.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:
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 billb...2025-03-1712 minSenior Attorney Match PodcastHow Digital Disruption has Resulted in the Age of the Vanishing RainmakerIn Ep. 57, Senior Attorney Match’s Jeremy E. Poock, Esq. explains how digital marketing disruption has resulted in the Age of the Vanishing Rainmaker.
As Poock points out, “[D]igital marketing disruption is here. That is, clients today are searching for lawyers online. They are by-passing yester-year's Rainmaker Attorneys . . . Today's and tomorrow's clients will go straight to Uncle Google and other social media, multi-channel digital platforms to be searching for lawyers and law firms . . . It is disrupting client origination. And, we are absolutely seeing that Senior Attorneys that remain in that pre-Google age . . . are just generating less new...2025-03-1113 minSenior Attorney Match PodcastPoock’s Post from Ep. 21 of the Ask the Law Firm Seller Show: Digital disruption will continue eroding the Books of Business of Senior Attorney-led law firms in the Mid-2020sDuring the Poock’s Post segment of Ep. 21 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:
Digital disruption will continue eroding the Books of Business of Senior Attorney-led law firms in the Mid-2020s
As Poock explains, 2020 introduced the “digital pivot” to the legal industry, where consumers, i.e., would be clients pivoted in 2020 to searching for lawyers and law firms online, primarily by searching Google.
By the Mid-2020s, Growing Law Firms have adjusted and adopted Multi-Channel Digital Marketing to attract...2025-02-2007 minSenior Attorney Match PodcastQ.1 from Ep. 21 of the Ask the Law Firm Seller Show: What do Sellers share with Senior Attorney Match months or years after selling their law firms?During Ep. 21 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:
“What do Sellers share with Senior Attorney Match months or years after selling their law firms?”
In response, Poock first explains that when Senior Attorneys sell their law firms to Growing Law Firms, they often continue practicing for a number of months, and sometimes even years.
In addition to the financial benefits that Senior Attorneys experience by selling their law firms, Poock shares the following benefits that Senior Attorney Match c...2025-02-1707 minSenior Attorney Match PodcastWhy the Mid-2020s Present the Right Time for Senior Attorneys to Sell Their Law FirmsIn Ep. 56, Senior Attorney Match’s Jeremy E. Poock, Esq. explains why the mid-2020s present the right time for Senior Attorneys to sell their law firms.
As Poock states, “[F]or Senior Attorneys that are considering selling their law firms, we need to recognize that post-2020 clients are searching online for lawyers to hire. As a result, if you're not investing in Multi-Channel Digital Marketing with a significant investment in Google for clients to find you when they're searching Google . . . you're just not going to generate as many clients as you did in yester-year. . . And...2025-02-0312 minSenior Attorney Match PodcastQ.2 from Ep. 20 of the Ask the Law Firm Seller Show: What are the Top 3 Reasons Why Senior Attorneys Question Selling to a Growing Law Firm?During Ep. 20 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:
“What are the top 3 reasons why Senior Attorneys question selling to a Growing Law Firm?”
Reason #1: Maybe now is not the right time for change
As Poock explains, the mid-2020s presents the best time for Senior Attorneys to consider change by selling their law practices because of Google’s ongoing disruption to business development in the legal industry.
As Poock states, “[F]or those lawyers and law firms that continue to rely on word...2025-01-2707 minSenior Attorney Match PodcastQ.1 from Ep. 20 of the Ask the Law Firm Seller Show: I am considering retiring within the next 12 months by closing my office. Could I sell my law practice instead?During Ep. 20 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:
“I am considering retiring within the next 12 months by closing my office. Could I sell my law practice instead?”
When considering selling a law firm, as compared to retiring, Poock points out that Growing Law Firms, in particular, want and need the following 3 resources that Senior Attorney-led firms offer:
(a) Clients & referral sources (a Book of Business);
(b) An experienced workforce, often including attorneys, plus paralegals and legal assistants; and
(c) Digi...2025-01-2008 minSenior Attorney Match PodcastAbridged Episode 3 Law Firm Sale Trends in 2025 - From the Poock’s Post Segment of Ep. 20 of the Ask the Law Firm Seller ShowDuring Ep. 20 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. shares the following Poock’s Post:
3 Law Firm Sale Trends in 2025
The 3 law firm sale trends in 2025 are as follows:
Trend No 1. for Law Firm Sales in 2025: Growing Law Firms will continue purchasing Senior Attorney-led Firms because they offer the following 3 resources that Growing Law Firms Need: (a) Clients; (b) An experienced workforce; and (c) Digital content.
Trend No. 2 for Law Firm Sales in 2025: Law firms that invest in Multi-Channel Digital Marketing will experience the following short an...2025-01-1501 minSenior Attorney Match Podcast3 Law Firm Sale Trends in 2025 - From the Poock’s Post Segment of Ep. 20 of the Ask the Law Firm Seller ShowDuring Ep. 20 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. shares the following Poock’s Post:
3 Law Firm Sale Trends in 2025
The 3 law firm sale trends in 2025 are as follows:
Trend No 1. for Law Firm Sales in 2025: Growing Law Firms will continue purchasing Senior Attorney-led Firms because Growing Law Firms need the following 3 resources that Senior Attorney-led firms have: (a) Access to new clients from Books of Business developed over the course of decades; (b) An experienced workforce, consisting of lawyers, paralegals, and legal assistants; and (c) Treasure chests of...2025-01-1308 minSenior Attorney Match PodcastLessons Learned in 2024 for Law Firm Sales - From the Poock’s Post Segment of Ep. 19 of the Ask the Law Firm Seller ShowDuring Ep. 19 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. shares the following Poock’s Post:
Lessons Learned in 2024 for Law Firm Sales
The 4 lessons learned that Poock shares include:
(1) Growing Law Firms continue recognizing the value of growth by acquisition because Senior Attorney-led firms offer: (a) Instant client growth; (b) Experienced lawyers and support staff; and (c) Treasure chests of subject matter knowledge to convert to Digital Content to gain the attention of would-be clients who search for lawyers and law firms online today, as compared to yester-year’s Wo...2024-12-0913 minSenior Attorney Match PodcastMini Podcast from the Ep. 9 of the Ask Show: Why are today’s Senior Attorneys tired of running their law firms?During Ep. 9 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:
Why are today’s Senior Attorneys tired of running their law firms?
As Poock explains, Senior Attorneys feel tired of running their law firms for the following 3 reasons:
(1) Post-Covid, Senior Attorney owners of law firms have not enjoyed returning the “status quo ante” of managing their law firms, including making payroll twice per month, paying rent every month, and essentially, continue as the “buck stops hear” leader of their practices as they continue contemplating retirement and thinki...2024-10-1012 minSenior Attorney Match PodcastEpisode 9 of “The Ask the Law Firm Seller Show”Episode 9 of the Ask the Law Firm Seller Show includes 2 segments. In Segment 1, host, Jeremy E. Poock, Esq., answers the following 2 questions:
(1) Why are today’s Senior Attorneys tired of running their law firms? and
(2) What Will the Market for Selling Personal Injury Law Firms Look Like by 2030?
In Segment 2, Poock presents the following “Poock’s Post:”
“The writing is on the wall about Digital Marketing impacting the value of Senior Attorney-led law firms”
As Poock states during Segment 2, “In the post-2020, 3.0 digital world . . . [w]e are saying that Uncle Google i...2024-10-0837 minSenior Attorney Match PodcastThe 3rd of 3 Treasure Chests of Digital Value that Senior Attorneys Present to Growing Law Firms: Website Good WillEp. 51 of the State of the Market for Law Firm Sales “In 11 Minutes” includes the following:
Topic 1: The Importance to Senior Attorneys of Website Good Will
As Poock explains, “[P]ost-2020, we need to recognize that we have now entered into . . . what we call the 3.0 Digital Era for the Legal Industry.”
In advance of selling a law firm, Poock recommends that Senior Attorney law firm owners update the content of their websites, starting with updating attorney bios, including pictures. Poock also suggests adding new content and removing stale content.
2024-10-0114 minSenior Attorney Match PodcastThe 2nd of 3 Treasure Chests of Digital Value that Senior Attorneys Present to Growing Law Firms: Digital ContentIn Ep. 50, Senior Attorney Match’s Jeremy E. Poock, Esq. discusses the 2nd of 3 Treasure Chests of Digital Value that Senior Attorneys present to Growing Law Firms, namely, Digital Content.
Ep. 50 includes the following:
Topic 1: The Importance to Senior Attorneys of the State of Digital Marketing in the Legal Industry
As Poock points out, business development for lawyers has dramatically changed in the 2020’s. Rather than would-be clients asking for a lawyer’s business card or a word-of-mouth referral, today’s clients much more conveniently search online for the best [FILL-IN THE BLANK] attorney...2024-09-0316 minSenior Attorney Match PodcastPoock’s Post Segment of Episode 14 of “The Ask the Law Firm Seller Show”Episode 14 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 3., host, Jeremy E. Poock, Esq., presents the following Poock’s Post:
“Your key employee lawyers do not want to purchase your law firm . . . and can’t afford to either”
As Poock explains, most Senior Attorneys share the following 4 false expectations that their key employee lawyers will someday offer to purchase their law firms:
False Expectation that Key Employee Lawyers Do Not Only Want a Job: Most Senior Attorneys hired their key employee lawyers during a growth period for their...2024-07-2909 minSenior Attorney Match PodcastQ&A Segment of Episode 14 of “The Ask the Law Firm Seller Show”Episode 14 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 1., host, Jeremy E. Poock, Esq., answers the following 2 questions:
(1) I am considering selling my law firm within the next . . . What do I need to do know?
(2) You say that maintaining the Status Quo is risky, but I am not ready to sell my practice yet. What are my options?
Key points from the Q&A segment include the following:
When considering selling a law firm, Senior Attorneys should conduct the foll...2024-07-2318 minSenior Attorney Match PodcastEpisode 14 of “The Ask the Law Firm Seller Show”Episode 14 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 1, host, Jeremy E. Poock, Esq., answers the following 2 questions: (1) I am considering selling my law firm within the next . . . What do I need to do know? and (2) You say that maintaining the Status Quo is risky, but I am not ready to sell my practice yet. What are my options?
Segment 2 offers a “Personal Injury Spotlight” in which Poock starts by playing an audio clip from Ep. 258 of the Personal Injury Mastermind (PIM), where Attorney James Helms of Top Dog Law replies to ho...2024-07-1835 minSenior Attorney Match PodcastWhy the Books of Business of Today’s Senior Attorneys Compare to Taxi Medallions in the Mid-2010sIn Ep. 46, Senior Attorney Match’s Jeremy E. Poock, Esq. discusses why the Books of Business of today’s Senior Attorneys compare to taxi cab medallions in the Mid-2010s.
Ep. 46 includes the following:
Topic 1: Uber in the 2010s: A Case Study of Disruption to Adoption
As Poock explains, in the early part of the mid-2010s, owners of taxi cab medallions “absolutely started to see the writing on the wall. . . they started to feel in the early part of the 2010s the disruption that Uber had started to present...2024-07-0216 min
Senior Attorney Match PodcastThe 1st of 3 Treasure Chests of Digital Value that Senior Attorneys Present to Growing Law Firms: Access to 100s (1000s) of Client Google ReviewsIn Ep. 49, Senior Attorney Match’s Jeremy E. Poock, Esq. discusses the 1st of 3 Treasure Chests of Digital Value that Senior Attorneys present to Growing Law Firms, namely, access to 100s (1000s) of client Google Reviews.
Ep. 49 includes the following:
Topic 1: Pre-Sale Value of Treasure Chest #1 – 5 Star Google Reviews
As Poock points out, Senior Attorneys have developed Books of Business over the course of their careers, which consist of their clients and their referral sources. “By and large, that Book of Business is an inanimate object - it's intangible,” Poock stat...2024-07-0113 minSenior Attorney Match PodcastThe 4 Winners When Senior Attorneys Sell to Growing Law FirmsIn Ep. 48, Senior Attorney Match’s Jeremy E. Poock, Esq. explains the following 4 Winners when Senior Attorneys sell to Growing Law Firms:
Winner #1 – Senior Attorneys: As Poock explains, the “win” for Senior Attorneys when they sell their law firms to Growing Law Firms consists of the following 4 components (1) Monetize the law firm; (2) No longer need to manage “The Office;” (3) Spend more time with family, as well as outside of “The Office,” generally; and (4) Continue practicing at the Growing Law Firm, but with a focus on matters in which Senior Attorneys enjoy.
Winner #2 – Key Employee Lawyers & Para-Staff: As Poo...2024-05-2816 minSenior Attorney Match PodcastWhy Senior Attorney Law Firm Owners Feel Tired in the Mid-2020sIn Ep. 45, Senior Attorney Match’s Jeremy E. Poock, Esq. addresses why Senior Attorney law firm owners feel tired in the mid-2020s. Poock addresses the following topics:
The 3 reasons why Senior Attorneys feel tired while running their law firms in the Mid-2020s, namely (1) Post-Covid, Senior Attorneys wish that they could finally start slowing down from the standpoints of managing “the office” and generating the work; (2) Their ongoing expectation and frustration that their would-be Internal Successors don't want to purchase their law firms and can't afford to either; and (3) The realization that the world changed in 2020...2024-05-2116 minSenior Attorney Match PodcastThe Top 3 Reasons Why Would-be Internal Successors Leave a Senior Attorney’s Law Firm to Accept a Job at Another FirmIn Ep. 47, Senior Attorney Match’s Jeremy E. Poock, Esq. shares the following 3 reasons why would-be Internal Successors leave a Senior Attorney’s law firm to accept a job at another firm:
Reason #1: The false expectations by Senior Attorney law firm owners that their Key Employee Lawyers will want to someday become law firm owners. As Poock states, “What we find is that those Internal Successors may hit-up a Senior Attorney with what we call a “Random Tuesday.”
As Poock explains, a “Random Tuesday” occurs when a would-be Internal Successor walks down the hall on a “Random Tuesda...2024-05-1416 minSenior Attorney Match PodcastState of the Market for Law Firm Sales in 11 Minutes: The Top 4 Trends for Law Firm Sales in 2024 – Part 2 of 2In this Part 2 of the Top 4 Trends for Law Firm Sales in 2024, Senior Attorney Match’s Jeremy E. Poock, Esq. shares the following trends for Law Firm Sales in 2024, plus a prediction about the “Vanishing Rainmaker:”
Trend #3: By Not Adopting Digital Marketing, the Books of Business of Today’s Senior Attorneys Will Decrease in Value
Trend #4: Growing Law Firms Will Continue Buying Law Practices Because . . . .
2024 Prediction: The Age of the Lawyer Rainmaker Will Continue Vanishing throughout the 2020s
As Poock explains, “[M]any Senior Attorneys have not adopted Multi-Channel Digital Marketing yet and ma...2024-05-0114 minSenior Attorney Match PodcastPoock’s Post Segment of Episode 8 of “The Ask the Law Firm Seller Show” The Importance to Senior Attorneys of the Vanishing RainmakerEpisode 8 of the Ask the Law Firm Seller Show includes 2 segments. In Segment 2, host, Jeremy E. Poock, Esq., presents the following “Poock’s Post:” The Importance to Senior Attorneys of the Vanishing Rainmaker.
As Poock states, “The age of the Rainmaker is actually vanishing.”
As Poock explains, “Post-2020, we're often saying that Uncle Google has become America's greatest referral source, or really, to say it differently, Uncle Google has become the collective Rainmaker for law firms because clients today are not so much seeking out the card, the business cards of lawyers who th...2024-04-2309 minSenior Attorney Match PodcastQ&A Segment of Episode 8 of “The Ask the Law Firm Seller Show”Episode 8 of the Ask the Law Firm Seller Show includes 2 segments. In Segment 1., host, Jeremy E. Poock, Esq., answers the following 3 questions: (1) What are examples of important items to update before selling a law practice? (2) How long does it take to sell a law practice? and (3) What is a “Random Tuesday?” in the context of valuing a law firm?
2024-04-1620 minSenior Attorney Match PodcastEpisode 8 of “The Ask the Law Firm Seller Show”Episode 8 of the Ask the Law Firm Seller Show includes 2 segments. In Segment 1, host, Jeremy E. Poock, Esq., answers the following 3 questions: (1) What are examples of important items to update before selling a law practice? (2) How long does it take to sell a law practice? and (3) What is a “Random Tuesday?” in the context of valuing a law firm?
In Segment 2, “Poock’s Post” addresses: The Importance to Senior Attorneys of the Vanishing Rainmaker
2024-04-0930 minSenior Attorney Match PodcastPoock’s Post Segment of Episode 7 of “The Ask the Law Firm Seller Show” Why More Growing Law Firms Should Pursue Growth by AcquisitionEpisode 7 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 3, host, Jeremy E. Poock, Esq., presents the following “Poock’s Post:” Why More Growing Law Firms Should Pursue Growth by Acquisition.
As Poock states: “[O]ur overall message here is that as Growing Law Firms are considering how they can continue to grow their firms, they really should be considering more and more that the Books of Business that Senior Attorneys provide - presents an amazing, under-utilized opportunity to grow your firm, to grow by acquisition.”
“When it comes to the b...2024-04-0208 minSenior Attorney Match PodcastGuest Appearance Segment of Episode 7 of “The Ask the Law Firm Seller Show”Episode 6 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 2, host, Jeremy E. Poock, Esq., welcomes David L. Cohen, Esq. of David L. Cohen, P.C. to discuss David’s thoughts and insights from the perspective of a potential purchaser of a Senior Attorney’s practice.
A particular opportunity that Poock and Cohen discuss relates to a “player-manager” analogy, namely, the value that a solo attorney acquirer presents to a Senior Attorney-led firm, where solo attorneys present the following dual value:
The lawyer skillset to succeed to representing a Senior Att...2024-03-2613 minSenior Attorney Match PodcastQ&A Segment of Episode 7 of “The Ask the Law Firm Seller Show”Episode 7 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 1., host, Jeremy E. Poock, Esq., answers the following 4 questions: (1) When a lawyer sells a practice to another firm, who is entitled to the uncollected receivables for previously billed work? (2) How do the parties in law firm sales typically deal with ongoing ethical obligations such as client file retention, original records, and roles like trustee appointments? (3) How should a lawyer handle malpractice risk in succession planning? and (4) How do you envision the market for law firm sales in the mid-2020s?
2024-03-1919 minSenior Attorney Match PodcastEpisode 7 of “The Ask the Law Firm Seller Show”Episode 7 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 1, host, Jeremy E. Poock, Esq., answers the following 4 questions: (1) When a lawyer sells a practice to another firm, who is entitled to the uncollected receivables for previously billed work? (2) How do the parties in law firm sales typically deal with ongoing ethical obligations such as client file retention, original records, and roles like trustee appointments? (3) How should a lawyer handle malpractice risk in succession planning? and (4) How do you envision the market for law firm sales in the mid-2020s?
In Segment 2, P...2024-03-1238 minSenior Attorney Match PodcastPoock’s Post Segment of Episode 3 of “The Ask the Law Firm Seller Show”Episode 6 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 3, host, Jeremy E. Poock, Esq., presents the following “Poock’s Post:” The Risk to Law Firm Value in the 2020’s When Senior Attorneys Do Not Adopt Digital Marketing – And, 2 Solutions
As Poock explains: “Today's Senior Attorneys, that is, attorneys that have practiced more than 30 years - they developed their Books of Business by and large, pre-Google, and they did it what we call the “hard way.”
That “hard way” consisted of:
In-Person Networking (ex. handing out thousands of business cards at networking events)
N...2024-01-2309 minSenior Attorney Match PodcastGuest Appearance Segment of Episode 6 of “The Ask the Law Firm Seller Show”Episode 6 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 2, host, Jeremy E. Poock, Esq., welcomes Attorney Christine Morgan who joined a growing law firm in 2020.
During their conversation, Morgan and Poock discuss:
Attorney Morgan’s methodical approach to succession planning for her practice.
The importance of joining a law firm with a “Deep Bench” that will continue representing Attorney Morgan’s clients after she retires.
Attorney Morgan’s experience with “Trust Transfer,” including how she has transferred the trust of her longtime clients to a particular attorney at the growing law firm that she joine...2024-01-1616 minSenior Attorney Match PodcastQ&A Segment of Episode 6 of “The Ask the Law Firm Seller Show”Episode 6 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 1., host, Jeremy E. Poock, Esq., answers the following 4 questions: (1) From a buyer’s perspective, should I purchase a firm to deepen our Subject Matter Knowledge in a particular practice area? (2) What is the importance of Firm Culture in law firm sales? (3) How do you value a Contingency Fee Practice? and (4) If I join a Growing Law Firm, won’t I suddenly have a boss? Hell, no!
2024-01-0916 minSenior Attorney Match PodcastState of the Market for Law Firm Sales in 7 Minutes: The Top 4 Trends for Law Firm Sales in 2024 – Part 1 of 2In this Part 1 of the Top 4 Trends for Law Firm Sales in 2024, Senior Attorney Match’s Jeremy E. Poock, Esq. shares the following trends for Law Firm Sales in 2024, plus a prediction for the Personal Injury Law industry:
Trend #1: Law Firm Sales 1.0 will continue in 2024
As Poock explains, we foresee the continuation of Law Firm Sales 1.0 in 2024.
“The key feature of Law Firm Sales 1.0 is that the payment terms are based upon earnout terms, as compared to significant consideration paid at a closing table because the buyers are typically more prepared to pa...2024-01-0311 minSenior Attorney Match PodcastEpisode 6 of “The Ask the Law Firm Seller Show”Episode 6 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 1, host, Jeremy E. Poock, Esq., answers the following 4 questions: (1) From a buyer’s perspective, should I purchase a firm to deepen our Subject Matter Knowledge in a particular practice area? (2) What is the importance of Firm Culture in law firm sales? (3) How do you value a Contingency Fee Practice? and (4) If I join a Growing Law Firm, won’t I suddenly have a boss? Hell, no!
In Segment 2, Poock welcomes Attorney Christine Morgan to discuss her experience after joining a growing law firm in 2020.
2024-01-0241 minSenior Attorney Match PodcastGuest Appearance Segment of Episode 5 of “The Ask the Law Firm Seller Show”Episode 5 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 2, host, Jeremy E. Poock, Esq., welcomes Attorney Paul Tetzel of Boston based Tetzel Law, which acquired a Senior Attorney lead Personal Injury Law firm in early 2020.
During their conversation, Tetzel and Poock discuss:
How welcoming 2 Senior Attorney PI attorneys to Tetzel Law has benefited the practice
Tetzel’s advice for Senior Attorney PI attorneys considering selling their law practices?
Tetzel’s answer to the following question: “Would You Purchase Another Law Firm?”
2023-12-1908 minSenior Attorney Match PodcastState of the Market for Law Firm Sales in 7 Minutes: The Top 3 Lessons Learned in 2023In 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 cl...2023-12-1410 minSenior Attorney Match PodcastQ&A Segment of Episode 5 of “The Ask the Law Firm Seller Show”Episode 5 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 1., host, Jeremy E. Poock, Esq., answers the following 4 questions: (1) If I plan to sell my law practice within the next 1-2 years, what do you recommend? (2) What are typical financial terms in law firm sales? (3) Should I consider selling to a growing law firm that wants to add my practice area to its practice? and (4) I am worried that if I ask my Internal Successor to purchase my practice, she will look for another job. What do you recommend that I do?
2023-12-1218 minSenior Attorney Match PodcastEpisode 5 of “The Ask the Law Firm Seller Show”Episode 5 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 1, host, Jeremy E. Poock, Esq., answers the following 4 questions: (1) If I plan to sell my law practice within the next 1-2 years, what do you recommend? (2) What are typical financial terms in law firm sales? (3) Should I consider selling to a growing law firm that wants to add my practice area to its practice? and (4) I am worried that if I ask my Internal Successor to purchase my practice, she will look for another job. What do you recommend that I do?
In Segment 2...2023-12-0534 minSenior Attorney Match PodcastPoock’s Post Segment of Episode 5 of “The Ask the Law Firm Seller Show”Episode 5 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 3, host, Jeremy E. Poock, Esq., presents the following “Poock’s Post:” Your Book of Business is Not Evergreen.
As Poock explains, the Book of Business is the most important asset that Senior Attorneys and Senior Attorney led firms have when they're selling their law practices.
The Books of Business for today's Senior Attorneys are absolutely not evergreen for the following reason: If Senior Attorneys do not generate clients via Digital Marketing in today’s Post-2020 3.0 Digital Era for the legal industry, they will not...2023-12-0408 minSenior Attorney Match PodcastPoock’s Post Segment of Episode 4 of “The Ask the Law Firm Seller Show”Episode 4 of the Ask the Law Firm Seller Show includes 2 segments. In Segment 2, host, Jeremy E. Poock, Esq., presents the following “Poock’s Post:” Why Growing Law Firms Need to Invest Money & Time Post-Sale.
As Poock explains, Growing Law Firms need to invest time and money post-sale because the benefits of a “Listening Tour,” followed by adapting and adopting, leads to Senior Attorneys and lawyers at a Growing Law Firm (1) Working together; and (2) Benefiting from the “Trust Transfer” of long-time clients and referral sources of a Senior Attorney to attorneys at the Growing Law Firm.
As Poock also...2023-11-0706 minSenior Attorney Match PodcastQ&A Segment of Episode 4 of “The Ask the Law Firm Seller Show”Episode 4 of the Ask the Law Firm Seller Show includes 2 segments. In Segment 1., host, Jeremy E. Poock, Esq., answers the following 6 questions: (1) How long does it to sell a law firm? (2) What Are the Payment Terms in Law Firm Sales? (3) What Are the Expectations of a Seller Post-Sale? (4) What Are Examples of Post-Sale Headaches That a Buyer and Seller Should Know in Advance? (5) What is the ROI on a Law Firm's Value by Introducing a Trade Name? and (6) If I was going to buy a law firm, I would want to know: Is their client list up to date?2023-11-0226 minSenior Attorney Match PodcastEpisode 4 of “The Ask the Law Firm Seller Show”Episode 4 of the Ask the Law Firm Seller Show includes 2 segments. In Segment 1, host, Jeremy E. Poock, Esq., answers the following 6 questions: (1) How long does it to sell a law firm? (2) What Are the Payment Terms in Law Firm Sales? (3) What Are the Expectations of a Seller Post-Sale? (4) What Are Examples of Post-Sale Headaches That a Buyer and Seller Should Know in Advance? (5) What is the ROI on a Law Firm's Value by Introducing a Trade Name? and (6) If I was going to buy a law firm, I would want to know: Is their client list up to date?2023-10-2433 minSenior Attorney Match PodcastPoock’s Post Segment of Episode 3 of “The Ask the Law Firm Seller Show”Episode 3 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 3, host, Jeremy E. Poock, Esq., presents the following “Poock’s Post:” When is the Right Time to Sell a Law Practice? Poock points out the following indicators for when attorneys should know that now is the right time to sell: (1) Upon realizing that a would-be Internal Successor is really not ever going to purchase your law firm; (2) Recognizing that Growth by Acquisition has arrived to the legal industry; (3) Personal reasons such as wanting to spend more time outside of the office post-Covid; (4) You’re not generating as much...2023-10-1009 minSenior Attorney Match PodcastGuest Appearance Segment of Episode 3 of “The Ask the Law Firm Seller Show”Episode 3 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 2, host, Jeremy E. Poock, Esq., welcomes Attorney Steve Horenstein of Schwabe, Williamson & Wyatt to discuss his experience after joining Schwabe in May 2022. During their conversation, Steve explains why he chose to merge Horenstein Law Group (HLG) with a regional law firm; the Synergy Value that HLG presented to Schwabe; and insights about transitioning HLG into Schwabe.
2023-10-0308 minSenior Attorney Match PodcastQ&A Segment of Episode 3 of “The Ask the Law Firm Seller Show”Episode 3 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 1., host, Jeremy E. Poock, Esq., answers the following 3 questions: (1) How do I best prepare my law practice for sale? (2) If a Personal Injury Law Firm would not receive upfront money upon a sale, why not sell via a generous fee split upon the Seller’s open cases to another PI attorney? and (3) How often and under what circumstances will law firm sales generate an upfront payment?
2023-09-2617 minSenior Attorney Match PodcastEpisode 3 of “The Ask the Law Firm Seller Show”Episode 3 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 1, host, Jeremy E. Poock, Esq., answers the following 3 questions: (1) How do I best prepare my law practice for sale? (2) If a Personal Injury Law Firm would not receive upfront money upon a sale, why not sell via a generous fee split upon the Seller’s open cases to another PI attorney? and (3) How often and under what circumstances will law firm sales generate an upfront payment? In Segment 2, Poock welcomes Attorney Steve Horenstein of Schwabe, Williamson & Wyatt to discuss his experience after joining Schwabe in May 2022. An...2023-09-1935 minSenior Attorney Match PodcastPoock’s Post Segment of Episode 2 of “The Ask the Law Firm Seller Show”Episode 2 of the Ask the Law Firm Seller Show includes 3 segments.
In Segment 3, host, Jeremy E. Poock, Esq., presents the following “Poock’s Post:” The Ongoing Disruption in Law Firm Values Caused by the Post-2020 3.0 Digital Era. Poock explains how Senior Attorneys who do not adopt Multi-Channel Digital Marketing during the Post-2020 3.0 Digital Era for the legal industry risk lower business development for new clients than yester-year for the following reason: Driven by convenience, today’s clients search “Uncle Google” for referrals for their legal needs rather than ask their brother, sister, best friend, accountant, financial planner, etc. as they...2023-09-0506 minSenior Attorney Match PodcastGuest Appearance Segment of Episode 2 of “The Ask the Law Firm Seller Show”Episode 2 of the Ask the Law Firm Seller Show includes 3 segments.
In Segment 2, host, Jeremy E. Poock, Esq., welcomes Attorney Harold Kestenbaum of Spadea Lignana to discuss Harold’s experience after joining Spadea Lignana in 2019. During their conversation, Harold debunks the following 3 fears that Senior Attorneys often have about selling their law practices by joining a Growing Law Firm: (1) Having a new boss after owning a law practice for many years; (2) Loss of control by joining a new law firm; and (3) Loss of identity by no longer running “the office.”
2023-08-2909 minSenior Attorney Match PodcastQ&A Segment of Episode 2 of “The Ask the Law Firm Seller Show”Episode 2 of the Ask the Law Firm Seller Show includes 3 segments.
In Segment 1., host, Jeremy E. Poock, Esq., answers the following 4 questions: (1) Why isn’t acquisition a larger strategic initiative for growth in the legal industry? (2) Please explain the typical options for selling a firm; (3) What are the 3 most important factors a young lawyer should consider before buying a practice? and (4) How will a lawyer know when it’s time to sell the law practice?
2023-08-2214 minSenior Attorney Match PodcastEpisode 2 of “The Ask the Law Firm Seller Show”Episode 2 of the Ask the Law Firm Seller Show includes 3 segments.
In Segment 1, host, Jeremy E. Poock, Esq., answers the following 4 questions: (1) Why isn’t acquisition a larger strategic initiative for growth in the legal industry? (2) Please explain the typical options for selling a firm; (3) What are the 3 most important factors a young lawyer should consider before buying a practice? and (4) How will a lawyer know when it’s time to sell the law practice?
In Segment 2., Poock welcomes Attorney Harold Kestenbaum of Spadea Lignana to discuss his experience after joining Spadea Lignana in 2019.
An...2023-08-1730 minSenior Attorney Match PodcastThe Top 4 Reasons Why Growing Law Firms Want & Need Senior Attorneys and Their StaffsIn this episode of the State of the Market for Law Firm Sales “In 7 Minutes,” Senior Attorney Match’s Jeremy E. Poock, Esq. addresses the following top 4 reasons why Growing Law Firms want & need Senior Attorneys and their staff:
(1) The instant client growth that Senior Attorneys present;
(2) The value of combining a Senior Attorney’s staff, together with the staff of a Growing Law Firm;
(3) The cumulative experience that Senior Attorneys and their staff present; and
(4) The marketing value that Senior Attorneys offer to Growing Law Firms in today's 3.0 Digital E2022-07-1208 minSenior Attorney Match PodcastSuccession Planning for Trial Lawyers: The Benefits of Attorney Fee Deferral StrategiesIn this Trial Attorney practice area spotlight episode of the State of the Market for Law Firm Sales “In 7 Minutes,” Senior Attorney Match’s Jeremy E. Poock, Esq. welcomes Sam Dolce, Esq. of Milestone Consulting to discuss the benefits of Attorney Fee Deferral strategies for Trial Attorneys when selling their law practices.
Key points include:
Trial Attorneys have 3 options when considering selling their practices
An Attorney Fee Deferral strategy presents 3 benefits to Trial Attorneys
To benefit from an Attorney Fee Deferral strategy, Trial Attorneys need to establish a Qualified Settlement Fund (QSF)
2022-05-0508 minSenior Attorney Match PodcastThe Top 3 Reasons Why Senior Attorneys Question Joining a Growing Law FirmIn this episode of the State of the Market for Law Firm Sales “In 7 Minutes,” Senior Attorney Match’s Jeremy E. Poock, Esq. addresses the following top 3 reasons why Senior Attorneys question joining a Growing Law Firm:
(1) “Now is not the time for change.”
(2) “I don't want a boss.”
(3) “This is the year that my Internal Successor will offer to purchase my practice.”
Key points include:
Now is the right time for Senior Attorneys to consider selling their law practices because their 5 “Value Chips” have their highest value at this time in the early 2020...2022-04-0509 minSenior Attorney Match PodcastWhy Growth by Acquisition Has Arrived to the Legal IndustryIn this State of the Market for Law Firm Sales “In 7 Minutes,” Senior Attorney Match’s Jeremy E. Poock, Esq. discusses why Growth by Acquisition has arrived to the Legal Industry.
Key points include:
Senior Attorneys have what Growing Law Firms want and need.
Growing Law Firms have 3 primary needs:
(1) A need for new clients;
(2) A need for an experienced workforce; and
(3) Digital Content for today’s 3.0 Digital Era for law firms.
The following 2-fold benefits that Growth by Acquisition presents to Growing Law Firms:
(1) Pure Growth by Acquisition; and
...2022-03-0709 minSenior Attorney Match PodcastHow a Successful Sale Looks & Feels 2+ Years LaterIn 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 offic...2022-02-2307 minSenior Attorney Match PodcastThe 4 Reasons to Sell Your Law Firm in 2022In 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...2022-02-0908 minSenior Attorney Match PodcastWhy Internal Successors Don’t Want to Purchase Your Law Practice & Can’t Afford to EitherIn 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
2022-01-2608 minSenior Attorney Match PodcastGrowth by Acquisition Opportunities for Trial Attorney Firms in 2022In 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.
2022-01-1008 minSenior Attorney Match PodcastThe Impact of the Post-2020 Digital Era upon Law Firm SalesIn 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 pr...2021-12-1708 minSenior Attorney Match PodcastThe 4 Reasons Why Law Firms Should Consider Growth by Acquisition in 2022In 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:
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.
The 1 + 1 = 7 Business Development opportunities that Senior Attorneys present to Growing Law Firms.
Senior Attorneys offer t...2021-12-0308 minSenior Attorney Match PodcastThe 5 Components to Valuing a Law Practice Post-2020In 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:
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.
2020 propelled the legal industry into the 3.0 Digital Era and introduced the following 5th new component to valuing a law practice: Digital Value.
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 em...2021-11-1107 min
Senior Attorney Match PodcastWhy Growing Law Firms Want & Need the 4 Components of Value that Senior Attorneys PresentIn 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 Seni...2021-09-2810 minSenior Attorney Match PodcastThe Impact of 2020 upon the 4 Components of Value for a Senior Attorney’s Law PracticeIn 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 approa...2021-09-1712 minSenior Attorney Match PodcastThe 4 Reasons Why Internal Successors Offer Limited Potential to Purchase a Senior Attorney’s Law PracticeIn 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:
Key employee lawyers will not wake-up one day and convert into becoming business owners.
Potential Internal Successors lack business operations experience and the entrepreneurial mindset to own and operate a law practice.
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.
As key employees, Internal Successors...2021-08-0231 min
Senior Attorney Match PodcastHow to Sell a Law Practice Post-2020In the State of the Market episode, “How to Sell a Law Practice Post-2020,” Senior Attorney Match’s Jeremy E. Poock, Esq. and Scott R. Loring, CPCC, address:
The 3 Options for Selling a Law Practice Post-2020
The 4 Components to Valuing a Law Practice
The Ongoing Shift in Legal Consumer Behavior Post-2020
The Key Factors that Impact Revenues for Senior Attorneys (Ages 55-75)
Poock and Loring discuss how a Senior Attorney’s “Trust Transfer” of clients and referral sources presents “1 + 1 = 7” business development opportunities to Growing Law Firms.
They also discuss how rising competition for legal services by Growing Law F...2021-07-2232 min
Senior Attorney Match PodcastThe Importance of Law Firm Integration Consulting during the First 180 DaysIn this episode, Margaret Burke of Kolibri Law Support Solutions, discusses the importance of Integration Consulting during the first 30, 60, 90, and 180 days after Senior Attorneys join Growing Law Firms.
Burke, who has previously served as CEO of a mid-sized law firm and holds a MBA, Bachelor of Science in Accounting, and is a Certified Professional Coach, assists law firm leaders with: (i) Law firm management; (ii) Financial management; (iii) Human capital management; (iv) Operations Management; and (v) Sales and marketing management.
As Burke states, “Our goal is to free-up the attorneys so they can focus on wh...2021-06-1428 min
Senior Attorney Match PodcastValuing a Law Practice - The Importance of Synergy ValueIn this episode, Mark S. Gottlieb, CPA/ABV/CFF, ASA, CVA, CBA, MST of MSG Accountants, Consultants & Business Valuators (www.msgcpa.com) discusses valuing law firms.
In response to the “What is My Law Practice Worth” question, Gottlieb explains that valuing a law practice depends on the size of a practice, namely, a sole proprietorship, a medium-sized firm, or a large law firm.
For small law practices, Gottlieb explains that valuation depends upon the following question: “What is the amount of cash flow available to the owner both before and after officer’s compensation, and what is...2021-03-0315 min
Senior Attorney Match PodcastThe Role of Life Insurance in Succession Planning for LawyersIn this episode, David F. Keefe III, CLU, ChFC (linkedin.com/in/davidfkeefe) of 4-Point Financial (www.4-pointfinancial.com) addresses the role of life insurance in succession planning for lawyers. As a life insurance advisor who specializes in understanding the value of Human Capital, David addresses the importance of life insurance for: (i) Law firm partners as business owners; (ii) Senior Attorneys who join Growing Law Firms per a term of years earnout; and (iii) Senior Attorneys who do not yet have a successor and for whom life insurance can serve as a phantom buyer. As Poock points out...2020-12-0721 min
Senior Attorney Match PodcastThe Opportunities That Client & Referral Source Lists Present to Growing Law FirmsIn this episode, Jeremy E. Poock, Esq. and Jared D. Correia, Esq., Founder and CEO of Red Cave Law Firm Consulting (www.redcavelegal.com), discuss the importance and opportunities attributable to a Senior Attorney’s client list and referral source list. As Poock explains, valuing a law practice consists of 4 elements (a) Client list; (b) Referral Source list; (c) Good Will; and (d) Subject matter knowledge. Correia, who has consulted with 4,000+ law firms to become more effective businesses, points out that client lists present tangible, business generation opportunities to Growing Law Firms. Correia also explains best practices for managing cl...2020-11-0523 min
Senior Attorney Match PodcastTop 5 Reasons Why a Commercial Lease Should Not Delay Succession Planning for Senior AttorneysIn this episode, Jeremy E. Poock, Esq. and Scott Loring address the top 5 reasons why a commercial lease should not delay succession planning for Senior Attorneys: (1) Avoid the “Sunk Cost Fallacy,” which Loring defines for listeners as when we continue an action because of our past decisions, rather than a rational choice of what will maximize our utility at this present time; (2) Recognize that a “Random Tuesday Event” could occur before the end of the lease term; (3) A successor may have interest to assume the lease; (4) Options for mitigation; and (5) The risks that maintaining the Status Quo presents to the valu...2020-10-2915 min
Senior Attorney Match PodcastEpisode 23: 2 of 2: For Sale by Owner (FSBO) - Perspectives from Two National Leaders in Business BrokerageIn 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 con...2020-09-1717 minSenior Attorney Match PodcastEpisode 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 ag...2020-07-3011 minSenior Attorney Match PodcastEpisode 19. Senior Attorney Match's Implementation ExplainedIn 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...2020-07-2417 min
Senior Attorney Match PodcastEpisode 18. Intelligent Growth for Trial Attorney Firms – New Times Call for New MeasuresIn 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...2020-06-1731 minSenior Attorney Match PodcastEpisode 17. Senior Attorney Match's Next Step Process ExplainedIn 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.
2020-06-1613 minSenior Attorney Match PodcastEpisode 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. Th...2020-06-0922 min
Senior Attorney Match PodcastEpisode 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...2020-06-0122 minSenior Attorney Match PodcastEpisode 14. Senior Attorney Match's Next Step Workshop ExplainedIn 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 fram...2020-05-1913 min
Senior Attorney Match PodcastEpisode 13 Trial Attorneys: Open for Business - West CoastIn 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 n...2020-05-0522 min
Senior Attorney Match PodcastInternet Marketing Strategies with Scorpion’s Peter Webb & Angela WearnIn 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...2020-05-0418 minSenior Attorney Match PodcastEpisode 11. 2 of 2 - Boomer Women in the Legal Profession - Retirement Options & Looking toward the Future for Women Leaders in the LawIn this second episode of Boomer Women in the Legal Profession, our panel discusses how to prepare the next generation of women leaders in the Law. Attorney Scharf emphasizes the importance of innovative research and initiatives to advance women lawyers into leadership positions. Attorney Mayes stresses providing upcoming women leaders with “stretch opportunities” to move-up to the next level, including focusing on the personal development of individual women lawyers with real time feedback from sponsors and executive coaches. Attorney Buckley adds that “we should start early, and we should do more to train women to be leaders earlier in their...2020-05-0120 minSenior Attorney Match PodcastEpisode 10. 1 of 2 - Boomer Women in the Legal Profession - Retirement Options & Looking toward the Future for Women Leaders in the LawIn this first episode of Boomer Women in the Legal Profession, we introduce our panelists, (1) Attorney Stephanie A. Scharf, co-founder of Scharf Banks Marmor LLC (www.scharfbanks.com), current chair of the ABA’s Commission on Women in the Profession, past president of the National Association of Women Lawyers (NAWL), founder of the NAWL Annual Survey of Retention and Advancement of Women in Law, and co-author of the recent ABA publication, “Walking Out the Door: The Facts, Figures, and Future of Experienced Women Lawyers in Private Practice;” (2) Attorney Michele Coleman Mayes, General Counsel for the New York Public Library (www.ny...2020-04-3025 min
Senior Attorney Match PodcastEpisode 9. The 2 Choices that the Coronavirus Pandemic Presents to Senior Attorney Lead Law Firms: Re-Build for 12+ Months or Join a Growing Law FirmIn this episode, Scott R. Loring (www.cooperativecoach.com) and Jeremy E. Poock, Esq. discuss the following 2 choices that the multi-month Coronavirus pandemic presents to Senior Attorney lead law firms: (1) A 12+ month re-building process, including countless administrative related hours to oversee re-building while generating new work and billable hours; or (2) Join a growing law firm that needs the following 4 assets that Senior Attorneys and their practices offer: (1) Clients; (2) Referral Sources; (3) Know-how; and (4) Good Will. Loring and Poock discuss the positives and challenges associated with each choice. As Poock states with respect to the growing law firm choice: “Senior Attorneys ha...2020-04-1718 min
Senior Attorney Match PodcastEpisode 8. Trial Attorneys: Open for BusinessIn this episode, Trial Attorney Ben Rubinowitz of Manhattan based Gair Gair Conason (www.gairgair.com) and Defense Attorney Chris Kenney of Boston based Kenney & Sams (www.kslegal.com), together with Boston based Attorney Sarah Worley of Sarah E. Worley Conflict Resolution (www.worleyconflictresolution.com), discuss how Personal Injury Law matters continue progressing while courts remain closed in New York and Massachusetts as a result of the Coronavirus pandemic. Kenney explains incentives that insurance companies have to move cases along reasonably and efficiently, together with examples of conducting discovery while maintaining social distancing. From a Trial Attorney’s perspective, Ru...2020-04-0931 minSenior Attorney Match PodcastVideo Episode - Why Now Presents a Seller's Market & a Buyer's MarketIn this video podcast, Senior Attorney Match founder, Jeremy E. Poock, Esq., sits with Scott Loring, long-time business exit strategist, to discuss why Poock considers now as a Seller's market and Buyer's market for Senior Attorney lead law firms. Poock and Loring discuss the impact that status quo has on the value of a lawyer’s practice, the “glean in the eyes” of growing law firms, and the winning combination that growing law firms present to Senior Attorneys.
2020-04-0709 min
Senior Attorney Match PodcastEpisode 6. Interview with Danny Hughes, Partner, Thompson Flanagan, Professional Liability Insurance for Lawyers – Trial Attorneys, Tail Policies & MoreDanny Hughes, a partner with Thompson Flanagan, a Chicago based E&O insurance brokerage firm discusses professional liability insurance (malpractice insurance) for lawyers with a focus on Trial Attorneys (http://thompsonflanagan.com/lawyers-liability). As “Specialists for Specialists,” Thompson Flanagan brokers E&O insurance for law firms, private equity firms, venture capitalists, and financial institutions. Together with a team of 20 brokers, Thompson Flanagan brokers professional liability, cyber liability, employment practices, and additional commercial insurance to over 600 law firms nationwide. Since 2008, Hughes has focused on Trial Lawyers, brokering malpractice insurance policies for approximately 260 Trial Attorney firms, including several of the largest Tria...2020-04-0218 min