Episode 15. 5 Myths vs. Realities: Who Can Succeed to a Senior Attorney’s Practice?

In this episode, Jeremy E. Poock, Esq. and Scott Loring explain the 5 Myths vs. Realities about who can succeed to a Senior Attorney’s practice. As Poock and Loring discuss, the 5 Myths are as follows: (1) This year, my internal successor will approach me to offer to purchase my practice; (2) If I ask my internal successor to make me an offer, he will get scared that I may retire soon and then leave with my key clients and referral sources; (3) This year, I will recruit a lawyer from a mid-size or large law firm with 15-20 years of experience and a book of business who will want to take over my practice when I retire; (4) If I consider merging my practice with a Growing Law Firm, my internal successor will leave and take my key clients and referral sources with him. (5) Based upon the long-time loyalty of my lawyer staff, they deserve to take over my practice. Poock points out the 4 values that Senior Attorney lead practices present to the right successor, namely: (1) Clients; (b) Referral Sources; (c) Good Will; and (d) The know-how of a Senior Attorney’s staff, including well-trained, knowledgeable junior attorneys. Poock and Loring discuss the risks that relying upon the 5 Myths for too long presents to the value of a Senior Attorney’s practice. And, Poock explains the 3 Wins that Growing Law Firms present to Senior Attorneys: (i) Entering into a succession plan with the right successor who will welcome the Senior Attorney and often, the Senior Attorney’s lawyer staff; (ii) Securing ongoing, competent representation for the Senior Attorney’s clients; and (iii) Transitioning a Senior Attorney’s practice to a successor that wants the practice and has both the capability and motivation to continue growing it beyond the generation’s worth of good will that the Senior Attorney developed.