The 4 Reasons Why Internal Successors Do Not Want to Purchase a Senior Attorney’s Law Firm

As Jeremy E. Poock, Esq. explains, Internal Successors do not want to purchase a Senior Attorney’s law firm for the following 4 reasons:

1. Internal Successors want a job and do not want to own a business: As Poock explains, Senior Attorneys initially hired their would-be Internal Successors as key employees who continue viewing themselves as employees and not business owners.

2. Internal Successors went to law school and not business school: Most Internal Successors went to law school to practice law as a profession, as compared to business school with ambitions to manage or own a business.

3. Internal Successors cannot afford to a purchase a law practice: As Poock states, “In reality, most Internal Successors are in their mid to late 40s or in their 50s . . . If they're married and have children, they're thinking about college. They have their mortgage payments. They've got regular house expenses . . . all kinds of expenses. And, to add on the expense of purchasing a law firm, most Internal Successors will eventually turn to the Senior Attorneys that they work with and say, ‘I'm sorry. I just can't afford to purchase this law practice.’”

4. Internal Successors assume that their boss will never retire: Based upon Senior Attorneys continuing to manage their law firms and Internal Successors wanting to remain as key employees, Internal Successors often assume that their bosses will never retire.