Growth 

Why Law Firms Looking to Grow Need to Consider These Key Options

Jeremy Poock

Founder of Senior Attorney Match

Ari Kornhaber

Ari Kornhaber

EVP & Head of Corporate Development at Esquire Bank

When it comes to creating growth strategies for law firms, many law firm owners face a challenging decision. Compounding this task is the reality that some law firm owners are more experienced in courtroom tactics than business tactics.

According to Jeremy Poock, Founder of Senior Attorney Match, who advises firms about succession planning, most lawyers, ages 65 to 75, who manage smaller practices with 5 to 10 attorneys tend to look inward for law firm succession. However, that instinctive reaction is not always the best path for future growth and success.

For managing attorneys or law firm owners looking to merge or sell their firm, there are three key options to consider:

  1. Sell to or join with a growing law firm (preferred path)
  2. Structure an internal succession plan (potential path, but has flaws)
  3. Maintain the status quo (risky path)

As the preferred path for senior attorneys and smaller firms, Jeremy Poock recommends option #1, looking at growing law firms that view their practice as a business and possess an appetite for growth through mergers or buy-outs.

While considering an internal successor can have potential for law firm continuity and growth, option #2 tends to be incremental with insufficient business growth or disappointing due to lack of interest by key employees.

For those law firm owners who embrace the status quo, Option #3 places the firm in a potential downward or stalled mode.

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  • Life Cycle Stage: Educated - Best Practices
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  • Content Type: webinar-short

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