Episode 14 of the Ask the Law Firm Seller Show includes 3 segments. In Segment 3., host, Jeremy E. Poock, Esq., presents the following Poock’s Post:
“Your key employee lawyers do not want to purchase your law firm . . . and can’t afford to either”
As Poock explains, most Senior Attorneys share the following 4 false expectations that their key employee lawyers will someday offer to purchase their law firms:
As Poock explains, the 4 false expectations typically lead to either of the following possibilities:
(1) A Random Tuesday Departure by a Key Employee Lawyer(s): In this scenario, once key employee lawyers no longer consider their job as reliable, safe, and predictable, they will search for another job, followed by providing their Senior Attorney bosses with either a 2 or 4 week notice that they plan to join another firm - the effect of which causes the following short-term and long-term losses:
(i) Short-term revenue losses stemming from less billings and the potential loss of clients; and
(ii) A long-term loss in law firm value attributable to a potential loss of clients, as well as losing access to those key employee lawyers whom Growing Law Firms want and need to continue providing sophisticated legal services to a selling firm’s clients post-sale or merger.
(2) A Realization that Key Employee Lawyers Do Not Want to Purchase a Senior Attorney-Led Firm: When (if) Senior Attorneys realize that their key employee lawyers prefer a safe, reliable, and predictable job than own a law firm, Senior Attorneys then recognize the value of selling to or merging with a Growing Law Firm.
And, when Senior Attorneys, together with their key employee lawyers, join a Growing Law Firm, the following 4 wins result:
(i) A win for Senior Attorneys who can sell their law practices to a firm lead by lawyers who want and need what Senior Attorneys present (clients, talented and experienced workforce, and treasure chests of digital content);
(ii) A win for key employee lawyers who want to maintain their safe, predictable, and reliable jobs;
(iii) A win for clients who want and need ongoing, competent, and zealous legal representation; and
(iv) A win for Growing Law Firms who benefit from instant client growth, addition of talented lawyers and para-staff, and access to treasure chests of Digital Content to advance their multi-channel digital marketing efforts to digitally attract new clients in today’s 3.0 Digital Era for the legal industry.
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