During Ep. 28 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:
I enjoy practicing law, but I am tired of managing “the office.” What options do I have?
In response, Poock explains that Senior Attorneys often share the following common complaint: That they have grown tired with managing “the office;” not that they want to necessarily sell their law firms or retire, but instead, that they are literally tired of running “the office,” including t...
During Ep. 28 of the Ask the Law Firm Seller Show, Jeremy E. Poock, Esq. addresses the following question:
I enjoy practicing law, but I am tired of managing “the office.” What options do I have?
In response, Poock explains that Senior Attorneys often share the following common complaint: That they have grown tired with managing “the office;” not that they want to necessarily sell their law firms or retire, but instead, that they are literally tired of running “the office,” including the responsibilities associated with making payroll, paying monthly rent, hiring/firing, dealing with the copy machine, and much more.
In terms of options, Poock describes the following 3 options:
Option 1 – The Non-Option: Poock explains that even though Senior Attorneys want their key employee lawyers to assume more management duties as a pathway to purchasing their law firms, the vast majority of key employee lawyers want a “Reliable, Predictable, and Safe” job rather than succeed to owning their boss’ law firm.
Option 2 – The Preferred Option: Joining a Growing Law Firm presents the preferred option to solve the issue of Senior Attorneys becoming tired of managing their small business law firms because Growing Law Firms want and need the following 3 resources that Senior Attorney-led firms offer: (1) Instant client growth; (2) Talented lawyers and support staff; and (3) Treasure chests of subject matter knowledge to convert to digital content to attract the attention of today’s legal consumers (clients) who search online when considering to hire a lawyer or law firm.
For those Senior Attorneys who join a Growing Law Firm and continue practicing, Poock explains the following sequence of events that occurs:
Transforming from “Tired to Inspired to Retired”
After joining a Growing Law Firm, Senior Attorneys often become inspired after removing the yoke of managing their offices and having the time to: (1) Focus on portions of practicing law that they enjoy; (2) Choose the clients whom they personally represent; (3) Publish digital content, including podcasts, post to social media, record YouTube videos, and more; and (4) Spend more time outside of the office without the proverbial shackles of the office constraining their freedom while away.
Inspiration also includes benefiting from transferring the trust of a Senior Attorney’s clients to attorneys at the firms that they join, together with sharing their career’s worth of knowledge with lawyers at the firms that they join.
And, upon retirement, Senior Attorneys who join Growing Law Firms benefit as follows: (1) Financially by selling their law firms; and (2) By ensuring their legacy, which includes (i) The peace of mind by knowing that their clients will continue to benefit from ongoing, competent and zealous representation; and (ii) The satisfaction that their key employee lawyers and para-staff will continue to have “Reliable, Predictable & Safe” jobs because Growing Law Firms often hire the staff of a Senior Attorney-led firm as part of a sale or merger.
Option 3 – Become a Referring Attorney: Especially relevant for solo Senior Attorneys who may want to continue practicing while reducing the exhaustion of running their offices, Poock explains the following option: Start referring less desirable or more time consuming matters to third party lawyers and law firms in consideration of referral fees per Rule 1.5 of the Professional Rules of Conduct in the given state where a Senior Attorney practices.
