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Senior Attorney Match PodcastAuthor: Jeremy E. Poock, Esq.
The Senior Attorney Match Podcast addresses all topics relating to lawyers considering how to sell their law practices, including how to value a law practice, determining the "right" successor, when to start a transition toward retirement, and much more. Language: en Genres: Business, Careers, Education, How To Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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State of the Market for Law Firm Sales in 11 Minutes: The Top 4 Trends for Law Firm Sales in 2024 – Part 2 of 2
Episode 73
Wednesday, 1 May, 2024
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.
