The 1st Reason: Now is Not the Time for Change

When questioning joining a Growing Law Firms, Senior Attorneys typically raise the following as their first question:

"Is now the time for change?"

As Jeremy E. Poock, Esq. explains, when addressing that question, we need to address:

1. What is law practice worth?

2. Is now the right time to sell?

3. How does 2020 continue effecting the value of a Senior Attorney’s law practice?

As Poock points out, law firm values consist of the following 5 components of value:

1. The Client List;

2. The Referral Source List;

3. Good Will;

4. Subject Matter Knowledge; and

5. Digital Value

In terms of whether now presents the right time to sell a law practice, Poock states that we need to keep in mind the ongoing impact of 2020.

“2020 caused a shift in consumer behavior. We all shifted digitally in 2020, and 2020 really shifted the legal industry into what we call the 3.0 Digital Era for Law Firms, which means that clients continue to search for their lawyers online,” Poock says.

As Senior Attorneys realistically do not keep pace with Multi-Channel Digital Marketing to attract new clients post-2020, their important Client List and Referral Source List “Value Chips” have begun not replenishing similar to the pre-2020 Word of Mouth Era for business development.

For that reason, “we consider that now is the right time for senior attorneys to consider selling their law practices as their value chips are at their highest value at this time in the early 2020’s,” Poock says.