Summary: The 3 Reasons Why Senior Attorneys Question Joining a Growing Law Firm

Senior Attorneys often raise the following 3 reasons for questioning selling their law firms to a Growing Law Firm:

1. Now is not the time for change.

2. I don't want a boss.

3. This is the year that my Internal Successor will offer to purchase my practice.

As Jeremy E. Poock, Esq. explains:

Why Now is the Right Time for Change: “We have to keep in mind that there has been a significant shift in consumer behavior that 2020 caused. Consumers are looking for their lawyers digitally. They're looking online. They're going to Google to search for their lawyers. That is having a significant impact on the components of value for Senior Attorney lead practices, where clients and referral sources are simply not getting replenished as much as they did in yesteryear because senior attorneys by and large are not keeping pace digitally.”

For those reasons, now presents the right time for Senior Attorneys to consider selling their law practices while their Value Chips, including their Client List and Referral Source List, continue to present value to Growing Law Firms.

Why Senior Attorneys Do Not Have a Boss When They Join a Growing Law Firm: Senior Attorneys do not have bosses when they join Growing Law Firms because they offer what Growing Law Firms need, namely: (1) Instant Client Growth; (2) The benefits of a combined workforce; (3) Cumulative experience of a Senior Attorney and their lawyer and non-lawyer staff; and (4) Marketing value.

Why Internal Successors Will Not Offer to Purchase Your Law Practice this Year: Most Internal Successors want a job and do not want to own a business. They went to law school and not business school. They can't afford to purchase your practice, and they assume that you will never retire.

In summary, Poock states that “we continue to remain bullish that joining a Growing Law Firm is how Senior Attorneys today and tomorrow will be able to sell their law practices.”