In this episode, Alay and Greg discuss:
- How strategic transition is different for lawyers than other industries.
- Why the software is an indicator of how a law firm does business.
- What work can be done before acquiring or being acquired.
- The three eyes of the entrepreneur.
- While these issues are relevant for all law firms, it is key to understand their impact on firms of 10 employees or more.
- 76% of all joint ventures end up in a merger of the two partners.
- The niches and unique talents you have are what make you a target for those firms looking to acquire.
- There are many avenues to growth and success. You need to do the work to determine the right path for you.
- “Every firm has their own way, their software that they’re familiar with. And that software is very often an expression of how the company does business, how it was set up, how they manage client relationships, and what they deem most important.” — Greg Beck
- “I would say the value and the transaction preparation that comes along with it is someone knowing what questions to ask and then having those answers in your back pocket.” — Greg Beck
- “What we see in law firms is the owner is very much doing the work, they are also bringing in the work, and they’re managing the employees. And that’s where I think it gets to be challenging. What’s the firm going to look like if they’re wearing all of those hats?” — Alay Yajnik
- “What does tomorrow look like? When are you taking dedicated time to think about a very intentional growth plan?” — Greg Beck
Connect with Greg Beck:
Connect with Alay Yajnik:
One Page Strategic Plan: LawFirmSuccessGroup.com