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.
The Dos & Don’ts for Succession Planning for Lawyers in the Mid-2020s
Senior Attorney Match Podcast
15 minutes 38 seconds
5 months ago
The Dos & Don’ts for Succession Planning for Lawyers in the Mid-2020s
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
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.
