Podcast: Play in new window | Download (Duration: 23:56 — 21.9MB)
Subscribe: Apple Podcasts | Spotify | Pandora | Email | RSS
In this episode, Alay and Jeremy discuss:
- How to structure, value, and sell a law practice with a book of business.
- Transferring trust and transferring referral sources.
- Vetting potential law firms that want to grow by acquisition.
- Ensuring successful mergers through listening, adapting, and then growing.
Key Takeaways:
- Trust can build via video calls over a short period of time. It does not need to happen in person or over a long period.
- The best purchasing firm is a like-kind firm. The best purchaser is a mirror image of the senior attorney from a couple of decades earlier.
- When you take on a senior attorney-led law firm, it is instant client growth.
- The first 180 days of an M&A transaction should be very structured, preferably with a business coach who can empathize with both sides.
Tweetable Moments:
- “We value the firms really simply, and we come up with a percentage of fee sharing on the collections that are attributable to the book of business.” — Jeremy Poock
- “The fascinating thing about trust transfer is that it works.” — Jeremy Poock
- “You don’t have to make this big capital investment as a purchasing firm. You’re basically paying as you go.” — Alay Yajnik
- “When it comes to M&A, the A – the acquisition – is much easier than the M – the merger.” — Jeremy Poock
About Jeremy Poock:
Attorney Jeremy E. Poock founded Senior Attorney Match to provide Senior Attorneys with options to transition their practices to successor lawyers or law firms and monetize the law practices that they have developed over the course of their careers.
Jeremy participates in each Senior Attorney Match matter, assisting clients to develop, design, and implement the right succession plan for their practices.
Connect with Jeremy Poock:
Website: https://www.seniorattorneymatch.com/
LinkedIn: https://www.linkedin.com/in/jeremypoock/
Twitter: https://twitter.com/srattorneymatch
Connect with Alay Yajnik:
Podcast: http://lawyerbusinessadvantage.com/
One Page Strategic Plan: LawFirmSuccessGroup.com
Email: Alay@YajnikGroup.com
LinkedIn: linkedin.com/in/alayyajnik
Alay Yajnik
Law Firm Success Group is dedicated to helping busy lawyers across the country make more money, work fewer hours, and spend more time doing the things they love. The founder, Alay Yajnik, has over 10 years of law firm growth experience and over 30 years of business experience. He has built multiple 7-figure businesses and has run a $100M business.