Senior Attorney Match Podcast
Jeremy E. Poock, Esq.
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Why Many Senior Attorney-led Law Firms Will become Worth Less during the 2nd Half of the 2020s
In Episode 66 of the State of the Market for Law Firm Sales in 11 Minutes, Senior Attorney Match’s Jeremy E. Poock, Esq. addresses the following: Why Many Senior Attorney-led Law Firms Will become Worth Less during the 2nd Half of the 2020s As Poock explains, today’s Senior Attorneys, who have practiced 30+ years, developed their Books of Business during the pre-Google, 1.0 Word-of-Mouth Era as Rainmaker Attorneys who handed out 100s or 1000s of business cards per year, attended multiple networking events per month, spoke in-person anywhere and everywhere, sponsored local events, and advertised in-print, on radio, sometimes, on TV. Today’s Senior Attorneys developed valuable Books of Business filled with clients and referral sources as Rainmaker Attorneys. In the early 2020s, though, Digital Marketing Disruption entered into the legal industry as a result of society’s digital pivot in 2020, which resulted in clients beginning to search online to find lawyers and law firms to hire, rather than asking a relative, friend, co-worker, etc. for a referral. The digital pivot by clients to search online for lawyers and law firms has resulted in the rise of Digital Rainmaker law firms that embrace Multi-Channel Digital Marketing to attract the attention of today’s and tomorrow’s clients. During the second half of the 2020s, those Senior Attorney-led firms that continue relying upon Word-of-Mouth for business development will unfortunately become worth less as follows: 1. Short-Term: A decrease in annual revenues due to originating less new clients than during today’s 3.0 Digital Era for the legal industry. 2. Long-Term: Less value of their law firms’ Books of Business due to not replenishing their Books of Business with new clients and referral sources similar to during the pre-Google, 1.0 Word-of-Mouth Era. As Poock points out, despite a Senior Attorney-led firm generating less new clients, the value of their firm will become worth less, but not worthless because Growing Law Firm purchasers continue to want and need the following 3 resources that Senior Attorney-led firms offer: 1. New clients 2. An experienced workforce, consisting of lawyers and para-staff 3. Subject Matter Knowledge to convert to Digital Content to attract the online attention of today’s and tomorrow’s clients who search for lawyers and law firms online. As Poock warns, though, “[I]f you are not replenishing your Book of Business as well as you did pre-Google, now is the right time to sell because over the course of the remainder of the 2020s, the value of Senior Attorney-led firms will become worth less, even though not worthless at this time.”
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