Senior Attorney Match Podcast Jeremy E. Poock, Esq.

In Ep. 47, Senior Attorney Match’s Jeremy E. Poock, Esq. shares the following 3 reasons why would-be Internal Successors leave a Senior Attorney’s law firm to accept a job at another firm:
Reason #1: The false expectations by Senior Attorney law firm owners that their Key Employee Lawyers will want to someday become law firm owners.  As Poock states, “What we find is that those Internal Successors may hit-up a Senior Attorney with what we call a “Random Tuesday.” 
As Poock explains, a “Random Tuesday” occurs when a would-be Internal Successor walks down the hall on a “Random Tuesday” and rather than announce an intention to purchase a Senior Attorney’s practice, the Key Employee Lawyer(s) instead notifies their boss that they decided to take another job, together with offering 2 or perhaps 4 weeks notice after having practiced at a Senior Attorney-led firm for many years.
Reason #2: The need for job security by would-be Internal Successors. As Poock points out, “[W]hat is it that key employees want and need? They want and need job security. They want their job to be reliable, predictable, and safe.”  When those Key Employee Lawyers consider their jobs as no longer reliable, predictable, and safe, they will begin looking for and then accept a job at another firm.
Reason #3: When the need for job security by Key Employee Lawyers clashes with false expectations by Senior Attorneys. As Poock states, “[T]his is what we're often seeing in the marketplace, that is, [a] Senior Attorney announces to would-be Internal Successors that ‘I've decided I'm going to retire within, let's say, the next 12 months.’ The would-be Internal Successors, at that point, they, for lack of a better phrase, they start freaking out because they think that this time he really means it.”
As Poock explains, would-be Internal Successors then often start looking for another job for the purpose of restoring the reliable, predictable, and safe job that they seek and need.
During the “Wrap-up” of Ep. 47, Poock points out that when Senior Attorneys realize that their would-be Internal Successors want a reliable, predictable, and safe job, as compared to owning a small business law firm, they can together pursue joining a Growing Law Firm to succeed to the Senior Attorney’s practice.
As Poock states, joining Growing Law Firms results in the following 4 wins:
Win #1: Senior Attorneys join a Growing Law Firm, which fulfills a Senior Attorney’s goal of retiring and monetizing the practice.
Win #2: By joining a Growing Law Firm with their former Senior Attorney boss, Key Employee Lawyers get what they want and need, namely, a new job with salary, with benefits, i.e., reliable, safe, and predictable continuity of employment.
Win #3: Continuity for clients because when Senior Attorneys and their former Key Employee Lawyers join a Growing Law Firm, the firm’s clients benefit from the continuity of competent legal representation that a Growing Law Firm provides.
Win #4: The fourth win goes to the Growing Law Firm. As Poock asks: “What do Growing Law Firms want and need? They want and need clients, and they want and need talented lawyers to do the work.” Senior Attorneys, together with their Key Employee Lawyers, deliver both.

In this Part 2 of the Top 4 Trends for Law Firm Sales in 2024, Senior Attorney Match’s Jeremy E. Poock, Esq. shares the following trends for Law Firm Sales in 2024, plus a prediction about the “Vanishing Rainmaker:”
Trend #3: By Not Adopting Digital Marketing, the Books of Business of Today’s Senior Attorneys Will Decrease in Value
Trend #4: Growing Law Firms Will Continue Buying Law Practices Because . . . .
2024 Prediction: The Age of the Lawyer Rainmaker Will Continue Vanishing throughout the 2020s
As Poock explains, “[M]any Senior Attorneys have not adopted Multi-Channel Digital Marketing yet and maintain what we call a “Website Only” approach to digital. And, as a result, they're not attracting as many new clients as they did pre-2020 . . .  If [Senior Attorneys] are not replenishing those clients and referral sources, and they're not doing so by investing in digital, what we're finding is that their Books of Business are not replenishing as much as they did pre-2020, and that is having a longer-term impact on the value of their practices themselves.”
Poock also shares the following 3 reasons why Growing Law Firms will continue purchasing law practices in 2024 and throughout the 2020s:
[1] Growing law firms need new clients.
 
[2] They need an experienced workforce.
 
[3] Throughout the 2020s and beyond, Growing Law Firms will need Digital Content to be able to attract the attention of clients who continue searching “Uncle Google” to find their attorneys, as compared to yester-year’s Word-of-Mouth Era. And, today’s Senior Attorneys offer treasure troves of such Digital Content in written, audio, and video formats based upon the subject matter knowledge and cumulative expertise that they have developed throughout their careers
 
And, as a 2024 prediction, Poock states:
 
“Our prediction for 2024 and throughout the 2020s is that the Age of the Lawyer Rainmaker will continue vanishing throughout the 2020s.”
 
As Poock explains, today’s would-be clients search for their lawyers digitally.
 
“And, because they're searching for their lawyers digitally, the Rainmaker Attorney has become less relevant in 2024 and will become less relevant throughout the remainder of the 2020s,” Poock states.
 
For those Senior Attorneys who do not adopt Multi-Channel Digital Marketing in the mid-2020s, the “Vanishing Rainmaker” will have 2 impacts:
 
[1] In the short-term, less new clients and a corresponding decrease in annual revenues as a result; and
 
[2] In the long-term, less value for their law practices if their Books of Business do not replenish similar to yester-year’s Age of the Rainmaker.

Episode 8 of the Ask the Law Firm Seller Show includes 2 segments. In Segment 2, host, Jeremy E. Poock, Esq., presents the following “Poock’s Post:” The Importance to Senior Attorneys of the Vanishing Rainmaker.
 
As Poock states, “The age of the Rainmaker is actually vanishing.”
 
As Poock explains, “Post-2020, we're often saying that Uncle Google has become America's greatest referral source, or really, to say it differently, Uncle Google has become the collective Rainmaker for law firms because clients today are not so much seeking out the card, the business cards of lawyers who they want to hire. They're going straight to Google, and they are searching for lawyers on Google without the need for that Rainmaker attorney to be handing the card to that would-be client.”
 
Poock also shares the following: “What we are seeing in the marketplace is that for those Senior Attorney led firms that are not adopting Multi-Channel Digital Marketing and attracting clients digitally to their law firms, that their Books of Business are not replenishing as much as they did in yester-year.
 
And, that means that they are generating less clients, and also, their Referral Sources, who are typically similarly aged as Senior Attorneys, well, their Referral Sources are retiring, and those retiring Referral Sources, unfortunately, aren't sending business to them as they did in yester-year, which means that their Books of Business, that is, Senior Attorneys, what we're seeing in the mid-2020s is their Books of Business are just not replenishing as much as they did in yester-year.”

Episode 8 of the Ask the Law Firm Seller Show includes 2 segments. In Segment 1., host, Jeremy E. Poock, Esq., answers the following 3 questions: (1) What are examples of important items to update before selling a law practice? (2) How long does it take to sell a law practice? and (3) What is a “Random Tuesday?” in the context of valuing a law firm?

Episode 8 of the Ask the Law Firm Seller Show includes 2 segments. In Segment 1, host, Jeremy E. Poock, Esq., answers the following 3 questions: (1) What are examples of important items to update before selling a law practice? (2) How long does it take to sell a law practice? and (3) What is a “Random Tuesday?” in the context of valuing a law firm?
In Segment 2, “Poock’s Post” addresses: The Importance to Senior Attorneys of the Vanishing Rainmaker
 

Episode 7 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:” Why More Growing Law Firms Should Pursue Growth by Acquisition.
 
As Poock states: “[O]ur overall message here is that as Growing Law Firms are considering how they can continue to grow their firms, they really should be considering more and more that the Books of Business that Senior Attorneys provide - presents an amazing, under-utilized opportunity to grow your firm, to grow by acquisition.”
 
“When it comes to the business development opportunities that Senior Attorney-led firms present,” Poock states, “we like to say that they offer windmills of energy. They really power business development for Growing Law Firms because that Client List and Referral Source List. . . powers and generates new clients. . . [A]lso, the Goodwill of Senior Attorneys and other attorneys at their firm; the Subject Matter Knowledge; and that Digital Value really presents a very powerful way for Growing Law Firms to continue growing, that is, growth by acquisition.”