The 5 Components to Valuing a Law Practice Post-2020

In this State of the Market for Law Firms episode, Senior Attorney Match’s Jeremy E. Poock, Esq. discusses the 5 components to valuing a law practice post-2020.

Key points include:

1. Pre-2020, law firm value consisted of the following 4 components: (1) Client List; (2) Referral Source List; (3) Good Will; and (4) Subject Matter knowledge.
2. 2020 propelled the legal industry into the 3.0 Digital Era and introduced the following 5th new component to valuing a law practice: Digital Value.
3. Senior Attorneys who continue practicing in the 1.0 Word of Mouth Era and 2.0 Website Plus Era will continue losing market share to law firms that embrace the 3.0 Digital Era and its accompanying Multi-Channel Digital Marketing approach to business development.
4. Senior Attorneys offer tremendous Synergy Value to Growing Law Firms via the 5 Components of Value that Senior Attorneys have developed over the course of their careers.