In this podcast episode, Jeremy E. Poock, Esq. and Scott Loring explain the 5 Myths vs. Realities about who can succeed to a Senior Attorney’s practice. As Poock and Loring discuss, the 5 Myths are as follows: (1) This year, my internal successor will approach me to offer to purchase my practice; (2) If I ask my internal successor to make me an offer, he will get scared that I may retire soon and then leave with my key clients and referral sources; (3) This year, I will recruit a lawyer from a mid-size or large law firm with 15-20 years of experience and a book of business who will want to take over my practice when I retire; (4) If I consider merging my practice with a Growing Law Firm, my internal successor will leave and take my key clients and referral sources with him. (5) Based upon the long-time loyalty of my lawyer staff, they deserve to take over my practice. Poock points out the 4 values that Senior Attorney lead practices present to the right successor, namely: (1) Clients; (b) Referral Sources; (c) Good Will; and (d) The know-how of a Senior Attorney’s staff, including well-trained, knowledgeable junior attorneys. Poock and Loring discuss the risks that relying upon the 5 Myths for too long presents to the value of a Senior Attorney’s practice. And, Poock explains the 3 Wins that Growing Law Firms present to Senior Attorneys: (i) Entering into a succession plan with the right successor who will welcome the Senior Attorney and often, the Senior Attorney’s lawyer staff; (ii) Securing ongoing, competent representation for the Senior Attorney’s clients; and (iii) Transitioning a Senior Attorney’s practice to a successor that wants the practice and has both the capability and motivation to continue growing it beyond the generation’s worth of good will that the Senior Attorney developed.

Click below to schedule an initial Zoom meeting: