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Is it possible to sell a small law firm? Yes.
That’s the good news.
The bad news is that those law firms are not as valuable as, say, tech companies, which sell for significant multiples.
Law firms usually don’t sell for any multiples — most are purchased for 1x the gross annual revenue. That’s because the revenue is generally not “sticky” — but neither are the clients, when the founder walks out the door.
Goodwill only goes so far, after all.
But can you increase the value of your law firm, with the right technology and system? You’re darn tootin’!
Listen to Jeremy Poock, of Senior Attorney Match, on this edition of the Non-Eventcast podcast, to learn about the levers you can pull, to increase your law firm’s sale price.
Jeremy begins by talking about how he got into working as a broker selling law firms in the first place (3:05).
After that, we discuss why it is that lawyers begin to lose market share when they lack a digital presence (9:01), as well as how to potentially fix that (11:24), including three primary strategies (16:44).
Next, Jeremy talked about the meaning of “synergy value” in a law firm sale (19:56), and offered an example of how one attorney took advantage of this, in the sale of her business (15:22).
Lastly, we cover how important it is to build a solid technology platform in advance of the sale of a law firm (23:19), which would include the use of a customer relationship management software (CRM) (23:50), and the development of processes and workflows (25:48).
If you think your law firm isn’t an asset – think again! And, if you want to get the most value out of that asset, put on your noise-cancelling headphones, and listen to this episode of the Non-Eventcast podcast.
Feel free to also check out our CRM Buyers Guide at the Non-Event for more on the latest resources. (The Non-Event is supported by vendor sponsorships.)
Jared Correia, a consultant and legal technology expert, is the host of the Non-Eventcast, the featured podcast of the Above the Law Non-Event for Tech-Perplexed Lawyers.
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