The Senior Attorney Match Podcast addresses all topics relating to lawyers considering how to sell their law practices, including how to value a law practice, determining the "right" successor, when to start a transition toward retirement, and much more.
All content for Senior Attorney Match Podcast is the property of Jeremy E. Poock, Esq. and is served directly from their servers
with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.
The Senior Attorney Match Podcast addresses all topics relating to lawyers considering how to sell their law practices, including how to value a law practice, determining the "right" successor, when to start a transition toward retirement, and much more.
Poock’s Post from Ep. 25 of the Ask the Law Firm Seller Show: Why the Rewards Outweigh the Risks for Growth by Acquisition
Senior Attorney Match Podcast
8 minutes 53 seconds
4 months ago
Poock’s Post from Ep. 25 of the Ask the Law Firm Seller Show: Why the Rewards Outweigh the Risks for Growth by Acquisition
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.
Senior Attorney Match Podcast
The Senior Attorney Match Podcast addresses all topics relating to lawyers considering how to sell their law practices, including how to value a law practice, determining the "right" successor, when to start a transition toward retirement, and much more.
