During Ep. 65 of the State of the Market for Law Firm Sales in 11 Minutes, Nicole Bergen, Founder & Chief Strategist for Elevate Marketing Research, joins to address the following 2 questions:   Question 1: What do you recommend for PI firms seeking to develop & measure their firm's brand value, including how to score high on Elevate’s Brand Report Card?   Question 2: What are your thoughts about how a PI firm's brand value can enhance a PI firm's value when planning for a sale exit strategy?   When developing brand for a Personal Injury Law Firm, Bergen emphasizes the need to focus on what is important to the consumer, urging listeners to consider advertising as “Me-vertising,” i.e., what is in it for me, the consumer – the client?   As Bergen states, “If you can't answer that question, you're not developing a brand. A brand is the answer to that question.”   Bergen also describes aspects of Elevate’s Brand Report Card, including suggesting that Personal Injury Law Firms identify their Unique Selling Point (USP) and structure “Me-vertising” with a focus on 1 or 2 USPs, followed by measuring how a USP performs in the marketplace to attract more clients based upon that USP, i.e., its brand.   Bergen suggests that PI firms consider the following:   “How can you demonstrate empathy to the consumer?”   When discussing how brand value can enhance a Personal Injury Law Firm’s value in contemplation of an exit/sale or to bolster investment, Bergen points out that data analytics can support a PI law firm’s brand value.   Poock adds that demonstrating brand value will also result in adding a separate line item to the sale of Personal Injury Law Firms, in addition to determining a multiple of EBITDA.   As Poock states, “[W]hen firms can have and present data analytics that show that “Me-vertising” is translating into sales because of brand value, that's going to add additional zeros . . . could be a lot of zeros, by the way, when you are taking on, as Nicole is saying, an investor, or when you are selling your Personal Injury Law Firm.”

During Ep. 29 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. replies to the following Question 1: My lease terminates 1+ years from now. Shouldn’t I wait until 12-24 months before my lease expires before considering selling my law firm? Poock begins by sharing a checklist relating to “Now is the Right Time to Sell Because . . . .”   That checklist features the following:   Life Event (egs. age, health, spouse’s retirement, etc.)   Low probability of selling to an internal successor   The arrival of growth by acquisition   The need to spend more time outside of “the office”   Not generating as much business as yester-year   Upcoming lease renewal   As Poock points out, “[W]e consider the lease as a deal term.”   Reasons why include the following: (i) The possibility of a diminishing Book of Business by a selling law firm if that firm does not adopt Multi-Channel Digital Marketing in today’s 3.0 Digital Era for the legal industry; (ii) The possibility of a Random Tuesday event that would cause the value of a law firm to diminish significantly (egs. unexpected departure of a key employee lawyer; unforeseen physical or mental health event, or pre-mature death of a law firm owner); (iii) The value of lost time, especially after realizing the importance of time during the post-Covid 19 Era.   Poock also explains that Growing Law Firms present the common purchasers of Senior Attorney-led firms because Growing Law Firms want and need the following 3 resources that Senior Attorney-led firms offer:   Clients and referral sources, i.e., a Book of Business;   Talented and experienced lawyers and para-staff; and   Subject matter knowledge to convert to digital content to attract the attention of new clients who search online for lawyers and law firms to hire in today’s 3.0 Digital Era for the legal industry.   Poock concludes by advising, “If you're considering selling your law firm, even if your lease may not terminate for more than one year out, we recommend that you really consider pursuing [a] sale. And, please consider your lease as a deal term to negotiate with a growing law firm that wants and needs what you have.”

During Ep. 29 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. shares the following Poock’s Post: How the One-Two Punch of AI + Google Continues to Decrease the Relevancy of Yester-Year’s Rainmaker Attorneys   Poock begins by reminiscing about the Pre-Google “Age of the Rainmaker Attorneys” who built their Books of Business in-person and via Word of Mouth, including: (i) Handing out 1k+ business cards per year; (ii) Leading in-person speaking engagements as often as possible (CLEs, Chambers of Commerce, etc.); (iii) Attending and sponsoring charity events, including placing full page ads in event tribute books; (iv) Investing in print ads in newspapers, journals, legal directories, White Pages, Yellow Pages, etc.; and (v) “Working the room” at networking events.   Post-2020, though, Business Development for lawyers and law firms has pivoted digitally, including the following “One-Two Punch” of AI, plus Google:   Potential clients consult with AI (egs. ChatGPT, Perplexity, Gemini, Claude, and more) to inquire about lawyers and law firms capable of addressing their particular issues, followed by researching those firms via Google . . . doing so while by-passing yester-year’s Rainmaker Attorneys.   The rise of Digital Rainmaking in the mid-2020s, as part of today’s 3.0 Digital Era for the legal industry, includes the following results for those Senior Attorney-led firms that do not adopt Multi-Channel Digital Marketing to supplement their Word of Mouth business development efforts:   The decreasing relevancy of yester-year’s Rainmaker Attorneys in favor of the rise of Digital Rainmakers;   A decrease in revenues for Senior Attorney-led firms that do not adopt Multi-Channel Digital Marketing to supplement old school Word of Mouth rainmaking; and   A decrease in law firm value among Senior Attorney-led firms that do not replenish their Books of Business during today’s 3.0 Digital Era as well as during the pre-Google Word of Mouth Era.   Poock also points out the following:   Despite the ongoing disruption to business development that today’s 3.0 Digital Era presents, law firm purchasers want and need the following 3 resources that Senior Attorney-led firms offer:   A selling law firm’s Book of Business;   Talented lawyers and support staff; and   Subject matter knowledge to convert to digital content to attract the attention of potential clients who search online for lawyers and law firms to retain.   That stated, Poock raises the following forecast for Senior Attorneys to consider:   Once “Digital Rainmaker” law firms can generate new clients for less cost than purchasing a Senior Attorney-led firm’s Book of Business, the market value for those Books of Business will decrease.   As Poock states, “We strongly believe that Law Firm Sales 1.0 will come to an end at some point, but that's not going to be in the 2020s . . . I think it's going to be in the in the 2030s, because when law firms can generate new clients for less money than the fee sharing [per] Law Firm Sales 1.0, [they will not] . . . need Senior Attorney-led firms’ Books of Business as much as they do now.”   And, as Poock states in conclusion: “Hence why we strongly recommend for those law firms that are committed to Word of Mouth, as compared to today's, Digital Era for generating clients digitally, that now is the right time to consider selling your law firm.”

During Ep. 28 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question: I enjoy practicing law, but I am tired of managing “the office.” What options do I have? In response, Poock explains that Senior Attorneys often share the following common complaint: That they have grown tired with managing “the office;” not that they want to necessarily sell their law firms or retire, but instead, that they are literally tired of running “the office,” including the responsibilities associated with making payroll, paying monthly rent, hiring/firing, dealing with the copy machine, and much more. In terms of options, Poock describes the following 3 options: Option 1 – The Non-Option: Poock explains that even though Senior Attorneys want their key employee lawyers to assume more management duties as a pathway to purchasing their law firms, the vast majority of key employee lawyers want a “Reliable, Predictable, and Safe” job rather than succeed to owning their boss’ law firm. Option 2 – The Preferred Option: Joining a Growing Law Firm presents the preferred option to solve the issue of Senior Attorneys becoming tired of managing their small business law firms because Growing Law Firms want and need the following 3 resources that Senior Attorney-led firms offer: (1) Instant client growth; (2) Talented lawyers and support staff; and (3) Treasure chests of subject matter knowledge to convert to digital content to attract the attention of today’s legal consumers (clients) who search online when considering to hire a lawyer or law firm. For those Senior Attorneys who join a Growing Law Firm and continue practicing, Poock explains the following sequence of events that occurs: Transforming from “Tired to Inspired to Retired” After joining a Growing Law Firm, Senior Attorneys often become inspired after removing the yoke of managing their offices and having the time to: (1) Focus on portions of practicing law that they enjoy; (2) Choose the clients whom they personally represent; (3) Publish digital content, including podcasts, post to social media, record YouTube videos, and more; and (4) Spend more time outside of the office without the proverbial shackles of the office constraining their freedom while away. Inspiration also includes benefiting from transferring the trust of a Senior Attorney’s clients to attorneys at the firms that they join, together with sharing their career’s worth of knowledge with lawyers at the firms that they join. And, upon retirement, Senior Attorneys who join Growing Law Firms benefit as follows: (1) Financially by selling their law firms; and (2) By ensuring their legacy, which includes (i) The peace of mind by knowing that their clients will continue to benefit from ongoing, competent and zealous representation; and (ii) The satisfaction that their key employee lawyers and para-staff will continue to have “Reliable, Predictable & Safe” jobs because Growing Law Firms often hire the staff of a Senior Attorney-led firm as part of a sale or merger.  Option 3 – Become a Referring Attorney: Especially relevant for solo Senior Attorneys who may want to continue practicing while reducing the exhaustion of running their offices, Poock explains the following option: Start referring less desirable or more time consuming matters to third party lawyers and law firms in consideration of referral fees per Rule 1.5 of the Professional Rules of Conduct in the given state where a Senior Attorney practices.

During Ep. 28 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question: What are several top mistakes to avoid before selling a law firm?   In response, Poock explains the following Top 5 Mistakes to Avoid before Selling a Law Firm: No. 1: Wait too long to sell No. 2: Assume that “Internal Successors” want to buy No. 3: Underestimate Google & AI for Post-2020 Business Development No. 4: Overlook converting Subject Matter Knowledge to Digital Marketing Content No. 5: Hope that tomorrow will continue like today

During Ep. 28 of the Ask the Law Firm Seller Show, Tim McKey, CPA, CEO of Vista Consulting Team, joins to address 3 Tips for Strategic Planning to Sell a Plaintiff Contingency Law Firm   McKey initially explains that Vista Consulting Team provides strategic consulting to Plaintiff contingency law firms, assisting clients with systemizing their businesses per Vista’s tagline: The business resource for Plaintiff law firms.   McKey then shares the following 3 tips for strategic planning to sell a Plaintiff contingency law firm:   Tip No. 1: As McKey says, “The best thing you can do to prepare your firm to be sellable is to be profitable.”   Underlying that tip relates to law firms knowing their numbers.   Examples of numbers to know include: (a) Gross revenues vs. Net Revenues; (b) The EBITDA for your firm; (c) Average fee per case; (d) Case acquisition costs; (e) Number of open cases, together with estimated values of those cases; and (f) Average time on desk to resolve cases, including differentiating between pre-lit. and litigation matters.   Tip No. 2: Know the value of your firm per 1 or more recognized methodologies of valuation.   Tip No. 3: Have efficient, effective, and documented operations within your firm, including (a) A methodology for internal reports that hold teams at a firm accountable; and (b) A means to make sure that a firm does not need its founder/rainmaker for the firm to operate.   McKey and Poock also discuss their thoughts about what buyers want/need when purchasing Plaintiff contingency practices, including strategic purchasers who seek to purchase more than one law firm, usually, in anticipation of a future roll-up type transaction.

As a recap for why the rewards outweigh the risks for growth by acquisition, Senior Attorney Match’s Jeremy E. Poock, Esq. summarizes the following 6 rewards that growth by acquisition offers to Growing Law Firms: (1) Instant client growth by succeeding to a well-established Book of Business filled with clients & referral sources.   (2) Adding knowledgeable & experienced lawyers and para-staff.   (3) Low risk earnout payments as consideration to the owner(s) of a selling law firm (percentage of revenues paid during a fixed period of time).   (4) Opportunities to convert decades of Subject Matter Knowledge to digital content for Multi-Channel Digital Marketing.   (5) Succeed to a legacy phone number(s).   (6) Benefit from established websites & additional digital value (egs. SEO rankings, 5-Star Google Reviews, 3 Pack results & more).   Poock also summarizes the following 3 risks:   (1) Potentially overpaying a Seller if the clients from a selling law firm’s Book of Business do not retain the acquiring firm.   (2) Not having enough lawyers & para-staff to provide legal services to the clients of a selling law firm   (3) The costs of adding overhead associated with growth by acquisition (egs. salaries, benefits, additional rent, etc.)   In conclusion, Poock states, “The rewards absolutely outweigh the risks when it comes to growth by acquisition for Growing Law Firms.”

In Episode 63 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 Clock Has Begun Ticking on Law Firm Sales 1.0   As Poock explains, the clock has begun ticking on Law Firm Sales 1.0 because of the ongoing impact of Digital Disruption upon business development for lawyers in today’s post-2020, 3.0 Digital Era for the legal industry.   Unlike the pre-Google, 1.0 Word-of-Mouth Era in which Senior Attorneys built their Books of Business as Rainmaker Attorneys, today’s and tomorrow’s clients by-pass Rainmaker Attorneys and search Google, as well as additional digital platforms (egs. LinkedIn, Facebook, Instagram, and more), to search for lawyers and law firms to hire.   That Digital Disruption to business development in the legal industry has also caused the clock to start ticking upon Law Firm Sales 1.0, in which selling law firms benefit from fee sharing derived from the performance of their Books of Business, for the following reason:   If a selling law firm’s Book of Business diminishes as a result of Digital Disruption in today’s 3.0 Digital Era for the legal industry, the value of their earnouts via Law Firm Sales 1.0 will diminish as well.   Poock also explains that the clock has begun ticking upon Law Firm Sales 1.0 because Growing Law Firms may soon prefer acquiring new clients via Multi-Channel Digital Marketing, rather than paying referral fees in consideration of the Books of Business of Senior Attorney-led firms.   As Poock states, “[W]e're starting to see . . . in the marketplace that Growing Law Firms may very well not need to acquire Senior Attorney firms because their customer acquisition cost, that is, their new client acquisition costs could be less expensive and more efficient via their Multi-Channel Digital Marketing.”   And, as Poock has shared in previous podcasts, for those Senior Attorney-led firms that will not adopt Multi-Channel Digital Marketing to replenish their Books of Business, the best time to sell is now, while Growing Law Firm purchasers continue to want and need their: (1) Book of Business; (2) Experienced workforce; and (3) Subject Matter Knowledge to convert into digital to attract the attention of today’s and tomorrow’s potential clients who search online for lawyers and law firms to hire.

During Ep. 27 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question: What is Senior Attorney Match’s Design Phase?   As Poock explains, Senior Attorney Match’s Design Phase involves 4 steps, the cumulative goal of which involves assisting selling law firms determine what they have, who wants what they have, determining their best option(s) for sale, and addressing payment terms to expect from a purchaser. The 4 steps of the Design Phase include the following: Step 1: Step 1 of the Design Phase focuses on determining the value of what a Senior Attorney-led firm has, including analyzing the following 5 components of value: (a) The Selling Law firm’s Book of Business, including its clients and referral sources; (b) Client volume by practice area; (c) Revenues by practice area; (d) Bios, skill sets, and experience of key employee lawyers and para-staff; and (e) Digital Value Step 2: Analyze who wants and needs what a selling law firm offers. As Poock explains, there are 2 purchaser options, of which Growing Law Firms present typical purchasers, and internal successors represent infrequent purchasers. Poock points out that Growing Law Firms want and need the following 3 resources that Senior Attorney-led law firms offer: (a) New clients, i.e., instant client growth; (b) An experienced workforce, consisting of lawyers and para-staff; and (c) Treasure chests of Subject Matter Knowledge to convert to digital content to attract the attention of today’s and tomorrow’s clients who search online for lawyers and law firms to retain. By contrast, internal successors infrequently purchase their boss’ law firm because internal successors typically want and need the following per their roles as key employee lawyers: A Reliable, Predictable, and Safe Job. Step 3: Determine a preferred sale option. During this step, Senior Attorney Match explores the following 4 sale options Senior Attorney sellers to consider: (a) Join/Seller to a Growing Law Firm (preferred); (b) Structure and internal sale (potential); (c) Maintain the Status Quo (Risky); or (d) Become a referring attorney per a given state’s version of Rule 1.5 of the Professional Rules of Conduct (alternative to a sale and maintaining the Status Quo). Step 4: Address Law Firm Sale Payment Options. During this step, Senior Attorney Match explains the following 3 payment options available to a selling law firm: (a) Law Firm Sales 1.0, which primarily consists of earnout terms, payable as negotiated fee sharing upon collections attributable to a selling law firm’s Book of Business during a negotiated period time: (b) Law Firm Sales 2.0, which includes a fixed payment attributable to a selling law firm’s digital and brand value, plus an earnout; or (c) Additional payment options, including : (i) A fixed price; (ii) A Buy-Sell Agreement with internal successors or a third party law firm; or (iii) A tiered purchase approach, typically negotiated with an internal successor.

Guest Appearance during Ep. 27 of the Ask the Law Firm Seller Show: Greg Maxwell, Esq., CFP of Amicus Settlement Planners: What tax savings value do structured settlements provide to sellers and buyers of Contingency Fee law firms?   During Ep. 27 of the Ask the Law Firm Seller Show, Greg Maxwell, Esq., CFP of Amicus Settlement Planners joins to address the following question:   What tax savings value do structured settlements provide to sellers and buyers of Contingency Fee law firms?   Maxwell initially explains that Amicus Settlement Planners primarily works with contingency fee practices, assisting with settlement planning from the standpoint of spreading out recoveries in contingency fee matters to reduce the “tax bite” that plaintiffs may otherwise incur. Maxwell and Senior Attorney Match’s Jeremy E. Poock, Esq. then discuss the benefits that structured settlements offer to contingency fee plaintiff attorneys, including a role for structured settlements in the sales of contingency fee law firms. As Poock and Maxwell discuss, structured settlements can play a role in the following scenarios: (a) Deferring taxes upon a portion of upfront money paid by a purchaser to the seller of a contingency fee law firm; and (b) Deferring portions of annual earnout payments for sales structured as earnouts once a selling contingency fee attorney receives annual earnout payments that satisfy a selling attorney’s annual income needs. Maxwell explains the benefits of a structured installment sale when sellers of contingency fee law firms receive significant upfront payments in consideration of their law firms. In those sales, Maxwell explains that a buyer can direct a portion of purchase proceeds to a company such as MetLife or Independent Life, which can establish a future series of payments for a seller, such as payments over the course of 3, 5, or 10 years, or the remainder of a Seller’s lifetime.   As Maxwell states, “So, the point of that is to really get them down into the tax bracket that they want to be in so that they don't have a huge spike in taxes the year they sell their firm. . . This gives them the opportunity to spread out that recovery . . . and keep themselves in a tax bracket that's more comfortable for them.”   Maxwell’s appearance also includes addressing the following hypothetical: Assume that the 67 year old owner of a Personal Injury Law firm that generates $2M in annual legal fees sells to a growing PI firm in consideration of 1/3 fee sharing for 5 years upon cases attributable to the Seller’s Book of Business.   Assume that the Seller’s Book of Business continues to generate $2M/yr. during the 5 year earnout period, which would result in annual fee sharing with the Seller in the amount of $667k/yr.   Assume that the Selling attorney only needs to earn $350k/yr. because of revenue from other sources of income.   How could a structured settlement arrangement “capture” the additional $317k in annual earnout revenue, including deferring taxes for the Seller?   As Maxwell explains, the Seller may treat the additional $317k as deferred compensation, where similar to an annuity, that $317k could benefit from deferred tax treatment until the Seller receives all or a portion of that amount from a plan administrator in the future.

During the Bonus Addition to Ep. 61 of the State of the Market for Law Firm Sales in 11 Minutes, Senior Attorney Match’s Jeremy E. Poock, Esq. welcomes Attorney Bishoy Habib of Tampa, FL based Levacy Legal to discuss: Why does growth by acquisition fit into the growth model for Levacy legal?   As Bishoy explains, an established Senior Attorney-led firm that has a Book of Business, a staff in place, and has subject matter knowledge and expertise, “adds a ton of value [on] day one.”   Bishoy also explains the value of Senior Attorney sellers and their key employee lawyers continuing to practice following a law firm acquisition.   As Bishoy states, “The goal when we acquire . . . is never to let anybody go . . . We want to keep what's going on in tact and make it more efficient, make it better, and bring it into [a] new era . . . .”

In Ep. 61 of the State of the Market for Law Firm Sales in 11 Minutes, Senior Attorney Match’s Jeremy E. Poock, Esq. addresses the following: Why the Rewards Outweigh the Risks for Growth by Acquisition   As Poock explains, “When it comes to Growing Law Firms that are considering growth by acquisition, it's really six rewards that we're going to talk about versus three risks.   The 6 rewards are as follows:   (1) Instant client growth by succeeding to a well-established Book of Business filled with clients & referral sources.   (2) Adding knowledgeable & experienced lawyers and para-staff.   (3) Low risk earnout payments as consideration to the owner(s) of a selling law firm (percentage of revenues paid during a fixed period of time).   (4) Opportunities to convert decades of Subject Matter Knowledge to digital content for Multi-Channel Digital Marketing.   (5) Succeed to a legacy phone number(s).   (6) Benefit from established websites & additional digital value (egs. SEO rankings, 5-Star Google Reviews, 3 Pack results & more).   The 3 risks are as follows:   (1) Potentially overpaying a Seller if the clients from a selling law firm’s Book of Business do not retain the acquiring firm.   (2) Not having enough lawyers & para-staff to provide legal services to the clients of a selling law firm   (3) The costs of adding overhead associated with growth by acquisition (egs. salaries, benefits, additional rent, etc.)   Poock addresses those risks as follows:   By often structuring law firm sales as earnouts, purchasers minimize their risk by aligning the consideration paid in a law firm acquisition with collections derived from a selling law firm’s Book of Business during a negotiated period of time.   Key employee lawyers and para-staff at a Senior Attorney-led Firm present great opportunities for new hires for acquiring law firms because of the key employees’ experience, plus their trusted relationships with the clients of a selling law firm.   In terms of adding overhead costs, Growing Law Firms recognize that any increase in overhead attributable acquiring a Senior Attorney-led firm will become offset by adding hundreds of thousands of dollars, and sometimes, millions of dollars, in new revenues.   In conclusion, Poock states, “The rewards absolutely outweigh the risks when it comes to growth by acquisition for Growing Law Firms.”

In Ep. 62 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 Impact of Digital Rainmaking upon Law Firm Sales   As Poock explains, society’s digital pivot in 2020 has revolutionized rainmaking in the legal industry as follows:   Unlike the pre-Google, pre-2020 Era during which Rainmaker Attorneys developed clients in-person and via Word-of-Mouth referrals, today’s 3.0 Digital Era for the legal industry involves Digital Rainmakers whose law firms attract the online attention of prospective clients who search Google and multiple digital platforms (egs. LinkedIn, Facebook, Instagram, and more) for lawyers and law firms to hire.   Based upon the rise of Digital Rainmakers and the vanishing Word-of-Mouth Rainmakers, Poock shares the following 2 observations:   Observation No. 1: Those Senior Attorneys who do not commit to Multi-Channel Digital Marketing will not replenish their all-important Books of Business with new clients as often as during the pre-2020, pre-Google Era.   As a result, the value of their law firms will continue to decrease because of the correlation in Law Firm Sales 1.0 between a purchaser fee sharing upon revenues attributable to a selling law firm’s Book of Business and the number of clients that comprise that Book of Business, i.e., as the Book of Business of a selling law firm’s Book of Business decreases, so will the value of the firm itself.   Observation No. 2: As Growing Law Firms continue adopting Multi-Channel Digital Marketing to attract the attention of today’s and tomorrow’s clients who search online when considering hiring a lawyer or law firm, their practices will continue becoming more valuable because of the following 2 assets that Digital Rainmaker law firms continue developing:   (1) Digital Value   (2) Brand Equity   As Poock states, “[I]n Law Firm Sales 2.0, we are going to see higher multiples . . .because the sellers are selling not only the Book of Business, but also that Digital Value and Brand Equity . . . .”   For those Senior Attorneys who will not become Digital Rainmakers, Poock shares the following points:   If you already attract less clients than pre-2020, now is the best time to consider selling your law firm because Law Firm Sales 1.0 involves deriving value via an earnout based upon collections attributable to a selling law firm’s Book of Business.   So far, the digital disruption in the legal industry has primarily disrupted rainmaking, i.e., business development.   Even though Senior Attorney-led firms may not develop as many new clients during today’s 3.0 Digital Era, Growing Law Firms continue to need the following 3 resources that Senior Attorney-led firms offer: (a) Instant client growth; (b) Experienced lawyers and para-staff; and (c) Subject Matter Knowledge to convert to digital content.   As Poock states, “Even if your Book of Business is not replenishing as much as yester-year . . . you present an experienced workforce, and you have Subject Matter Knowledge that Growing Law Firms want and need because they need to convert your Subject Matter Knowledge into digital content to attract today's and tomorrow's clients who are looking to Digital Rainmakers that will catch their attention when they're looking to hire lawyers and law firms to meet their legal needs.”

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 workforce by welcoming experienced and talented key employee lawyers and para-staff as part of growth by acquisition.   Upgrade 3: An upgrade to subject matter knowledge depth in multiple practice areas that Senior Attorneys and their key employee lawyers bring to a Growing Law Firm.   As Poock explains, “[B]y bringing in Senior Attorney lawyers and the lawyers that practice at their firms, they have often decades of subject matter knowledge that is going to make your [growing] practice more valuable by offering even more talent to your current clients and prospective clients.”   Upgrade 4: A Digital Value Upgrade, which includes the following (i) Adding bios of Senior Attorneys and additional lawyers to a Growing Law Firm’s website; (ii) Adding pre-existing 5-Star Google Reviews and requesting new 5-Star Google Reviews from satisfied clients among a Senior Attorney-led Firm’s Book of Business; and (iii) Convert Subject Matter Knowledge into digital content for a Growing Law Firm to post to multiple channels of social media (egs. LinkedIn, Facebook, and Instagram), plus e-newsletters, podcasts, YouTube videos, and more to attract the digital attention of prospective clients in today’s 3.0 Digital Era for the legal industry. 

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-mail addresses, and cell phone numbers.   Update the firm’s website, including updating content, removing stale content, and refreshing bios & pics.   Ideally, updating a website should include adding 5-Star Google Reviews from satisfied clients because potential buyers and clients want to review 5-Star Google reviews, similar to how consumers expect to review 5-Star Google reviews prior purchasing any product or service in today’s digital era.   Update social media profiles, and particularly, LinkedIn bios & pics.   Review all contracts that are not terminable at will (egs. commercial lease, software licenses, malpractice insurance, copy machine lease, etc.).   Stage 2: The 6 Meetings Needed to Sell a Law Firm   The 6 meetings needed to sell a law firm are as follows:   Meet & Greet Due Diligence Negotiate a Letter of Intent Sign the Letter of Intent Negotiate a definitive Agreement Sign the Agreement   Poock explains that the process from Meet & Greet to Signing the Agreement can involve circa 3-9 months, and sometimes, longer.   Stage 3: The 4 Steps to Achieve Success after Selling a Law Firm   The 4 steps to achieve success after selling a law firm are as follows:   Listening Tour Adapt Adopt Grow Together   Toward the end of answering Question 1, Poock offers the following:   [I]n terms of how do we know that the deal is successful? We started . . . with a meet and greet and went through due diligence and . . . signed an agreement. We know that we have success . . . when our clients will say, “I should have done this earlier.”

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's and tomorrow's clients, who continue to look online for lawyers and law firms to hire.   Growing Law Firms should pursue growth by acquisition because doing so fulfills their 3 needs, as follows:   (1) Senior Attorney-led firms have developed Books of Business literally over decades, which present instant client growth to an acquiring law firm.   (2) Senior Attorney-led firms typically have key employee lawyers and para-staff who want and need the following that Growing Law Firms can offer: A Reliable, Safe & Predictable Job.   (3) Senior Attorneys and their talented lawyer staff present treasure chests of subject matter knowledge that Growing Law Firms can convert to digital content to publish to multiple channels of digital marketing (egs. LinkedIn & Facebook posts, podcasts, YouTube videos, a monthly e-newsletter, Instagram reels, and more).   Poock also points out that the long-time, satisfied clients of a Senior Attorney-led firm present opportunities to request 100s of 5-Star Google Reviews, which today’s new clients continue relying upon as they consider retaining a lawyer or law firm.   In summary, Poock explains the following:   “[I]f you are running a firm and you're thinking about how to grow, what do you need? You need new clients. You need an experienced workforce, and you need digital content to attract the attention of today's and tomorrow's clients who are looking digitally . . . before they are making a call or sending in a contact form or a text to a law firm that they want to hire.   Senior Attorney-led firms check all of those boxes by offering them the Book of Business that Senior Attorneys have developed over the course of their careers. They have lawyers and the Senior Attorneys themselves . . . plus para-staff.  And, they offer literally treasure chests of digital content to Growing Law Firms.”

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 industry.   As Poock states, “[B]usiness development for law firms fundamentally changed post-2020. And, the reason why is because of a shift in consumer behavior . . . They are going straight to Google . . . And, for those law firms that are investing in multi-channel digital marketing, they're attracting more clients than those than those . . . Senior Attorney-led firms that are maintaining a website only, Word-of-Mouth type approach.”   As Poock also explains, “[I]f your firm is generating less clients in the post-2020 era because you're not investing in digital marketing to attract new clients, and if you're seeing that your firm is not generating as many clients as you did in the pre-Google Word-of-Mouth era, then now is the right time to sell.”   This episode also explains that Growing Law Firms want and need the following 3 resources that Senior Attorney-led firms offer:   (1) New clients from a Senior Attorney-led firm’s Book of Business.   (2) Key employee lawyers and para-staff; and   (3) Treasure chests of subject matter knowledge to convert into digital content to attract the attention of today’s (and tomorrow’s) clients who search for lawyer and law firms online.   In addition, Poock debunks the following 3 fears that many Senior Attorneys express about selling or merging with a Growing Law Firm:   (1) Fear of having a Boss   (2) Fear of losing control by no longer managing “the office”   (3) Fear of loss of identity by transitioning from owning a law firm to joining a Growing Law Firm   And, the episode concludes with the following overview of typical payment terms by Growing Law Firms when acquiring Senior Attorney-led firms:   “What we're seeing, and what we call Law Firm Sales 1.0, is that when you are transitioning your Book of Business (your clients and your referral sources) to the lawyers at Growing Law Firms . . . that the consideration is structured as an earnout, that is, that you're being paid a percentage of the revenues that is derived from your Book of Business, paid over a negotiated period of time, which often happens during your retirement years. Hence, you're able to monetize, annuitize that all important Book of Business that you've worked so hard over the course of your career to develop.”

During 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   (2) Adding knowledgeable and experienced lawyers and para-staff   (3) Low-risk earnout payment terms (% of revenues paid during a fixed period of time)   (4) Opportunities to convert decades of Subject Matter Knowledge to content for Multi-Channel Digital Marketing   (5) Succeed to a legacy phone number(s)   (6) Benefit from established websites and additional digital value (egs. SEO Rankings, 5-Star Google Reviews, 3-Pack results & more)   Poock also explains the following Risks associated with growth by acquisition:   (1) Overpaying a Seller if clients do not retain the acquiring firm   (2) Not enough lawyers and para-staff to provide legal services to additional clients   (3) Costs of adding overhead (egs. salaries, benefits, additional rent, etc.)   When pointing out those risks, Poock references the well-known buzzer sound from Family Feud game show to point out how the Rewards outweigh those Risks.

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 key employee lawyers recognize the benefits of potentially higher compensation, access to firm profits, and the ability to succeeding to managing the practice, they also spot the following issues when considering purchasing their boss’ law firm:   What if they are not able to originate the same amount, or even more clients, than the Senior Attorney founder(s) of the firm.   How will they replace the Senior Attorney founder(s) of the firm from the standpoints of rainmaking and revenue generation?   What if instead of benefiting by higher compensation and access to profits, their compensation actually decreases?   What about taking on personal exposure in the form of guarantying a lease and bank credit line for the firm?   What if a key lawyer or para-staff unexpectedly leave the firm?   Based upon the risks outweighing the rewards, Poock points out that key employee lawyers typically do not want to purchase their boss’ law firm and cannot afford to either.   Instead, key employee lawyers at Senior Attorney-led firms typically want and need the following:   A reliable, predictable, and safe job.

In Ep. 60 of the State of the Market for Law Firm Sales in 11 Minutes, Senior Attorney Match’s Jeremy E. Poock, Esq. addresses the following: The Do’s & Don’ts of Succession Planning for Lawyers in the Mid-2020s   Poock explains the following 5 Dos:   (1) Update Book of Business contact info. (addresses, e-mails, cell phone nos.)   (2) Recognize that Key Employee Lawyers do not want to purchase their boss’ law firm because they want a reliable, predictable & safe job   (3) Update content & pics. for the firm’s website, plus request 5-Star Google reviews from clients   (4) Consider selling or merging with a Growing Law Firm that wants & needs new clients, experienced lawyer/non-lawyer staff & digital content   (5) Expand digital marketing (egs. update LinkedIn profile & regularly post to social media platforms)   Poock also explains the following 5 Don’ts:   (1) Wait too long to sell if your firm originates fewer new clients in the Mid-2020s than Pre-Google   (2) Assume that Key Employee Lawyers want to become Internal Successors   (3) Underestimate “Uncle Google” as America’s greatest referral source for attorneys   (4) Maintain the Status Quo & risk a Random Tuesday Event (egs. unexpected departure of a Key Employee Lawyer; pre-mature death or incapacity of a Senior Attorney law firm owner)   (5) Overlook converting Subject Matter Knowledge to Digital Marketing Content