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.
Q.1 from Ep. 29 of the Ask the Law Firm Seller Show: 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?
Senior Attorney Match Podcast
17 minutes
1 week ago
Q.1 from Ep. 29 of the Ask the Law Firm Seller Show: 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?
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.”
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.
