The 4 Reasons Why Internal Successors Offer Limited Potential to Purchase a Senior Attorney’s Law Practice

In this State of the Market episode, Senior Attorney Match’s Jeremy E. Poock, Esq. and Scott R. Loring, CPCC, address the 4 Reasons Why Internal Successors Offer Limited Potential to Purchase a Senior Attorney’s Law Practice:

1. Key employee lawyers will not wake-up one day and convert into becoming business owners.
2. Potential Internal Successors lack business operations experience and the entrepreneurial mindset to own and operate a law practice.
3. Even though key employees maintain the trust of a Senior Attorney’s clients, they do not present the “1 + 1 = 7” Business Development potential that Senior Attorneys deserve.
4. As key employees, Internal Successors lack the capital to purchase a Senior Attorney’s practice.

By comparison, Senior Attorney Match recommends that Senior Attorneys sell their law practices to Growing Law Firms for the following 3 reasons:

1. Growing Law Firms want and need Senior Attorneys, together with key employees
2. Growing Law Firms have the ability to maximize the “1 + 1 = 7” for Business Development opportunities that Senior Attorneys present.
3. Growing Law Firms present the preferred pathway for Senior Attorneys to accomplish their goals of (i) Selling their law practices; (ii) Ensuring long-term representation of their clients by competent, successor counsel; and (iii) Securing long-term employment for their key employee lawyer and administrative staff.