Reason #1: This Year, Your Law Practice Has Its Highest Value
The first reason to sell your law firm this year:
Your law firm will have its highest value this year, as compared to the remainder of the 2020’s
As Jeremy E. Poock, Esq. explains, Senior Attorneys should consider selling their law practices this year because “the value of your law practice this year is at its highest value in comparison to where the value of your practice will be for the remainder of this decade. . . .”
As Poock points out the value of law practices consists of the following 5 Components of Value:
Your Client List;
Your Referral Source List;
Your goodwill;
Your Subject Matter Knowledge; and
The Digital Value of your law practice.
Post-2020, consumer behavior when searching for legal services will continue trending digitally.
As Poock states, “We're often saying that the No. 1 referral source in America today is Google . . . it's Uncle Google.”
And, for those Senior Attorneys who do not adopt digital marketing for their practices during today’s 3.0 Digital Era, the value of their law practices will decrease during the 2020’s for the following important reason: the Value Chips for a Senior Attorney’s Client List and Referral Source List will not replenish as much they did pre-2020.
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