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.
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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. 29 of the Ask the Law Firm Seller Show: How the One-Two Punch of AI + Google Continues to Decrease the Relevancy of Yester-Year’s Rainmaker Attorneys
Senior Attorney Match Podcast
11 minutes
3 weeks ago
Poock’s Post from Ep. 29 of the Ask the Law Firm Seller Show: How the One-Two Punch of AI + Google Continues to Decrease the Relevancy of Yester-Year’s Rainmaker Attorneys
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.”
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.