The brainchild of attorney, Ken Hardison, PILMMA will help you scale your law firm for greater growth and success through membership-based opportunities.
The brainchild of attorney, Ken Hardison, PILMMA will help you scale your law firm for greater growth and success through membership-based opportunities.
The brainchild of attorney, Ken Hardison, PILMMA will help you scale your law firm for greater growth and success through membership-based opportunities.
Some Law Firm Growth Strategies are not for the faint at heart – but bold moves can yield huge returns – especially when it comes to Law Firm Growth by Acquisition.
Here’s what we know right now: There’s never been an easier time to obtain equity or SBA Fund Financing for law firm acquisitions than today. In years past, these companies perceived law firms as too risky – or speculative to value. Not so in 2022. More available cash means growing your law firm but purchasing another firm has become a viable option.
And to create the perfect storm – in a good way – significant numbers of baby boomer law firm owners are reaching retirement age and looking for their Exit strategy.
The convergence of these two marketing dynamics can result in a powerful Law Firm Growth Strategy if you are willing to seize the opportunity.
Now comes the disclaimer – Buying a Law Firm is significantly more complex than purchasing a vacation home. There are a number of key issues to consider –
First off, just because you can, doesn’t mean you should. If you are already struggling and don’t have positive revenues as well as systems and processes in place for scalable growth – then the Growth by Acquisition strategy isn’t a wise move. If you fall into this category, your first matter of business is to get your existing “house” in order before thinking about buying another firm.
However, if your firm is running smoothly, and on the upswing already, then buying another law firm may well be your fast-track ticket to greater growth.
Finding the right law firm to purchase – and knowing how to properly value a prospective firm is critical. While purchasing a strong firm can catapult your growth, purchasing the wrong firm can create immeasurable headaches and financial drain. There are numerable factors that go into evaluating a prospective law firm. You will need to peruse financial data carefully and have a clear understanding of how that firm operates, and their existing case inventory. You need to understand their current place in the market, their branding, etc. You need to be aware of any problems the firm is experiencing, so you are able to go into the deal with your eyes open.
Read More: https://www.pilmma.org/blog/build-your-firm-bigger-this-year-an-aggressive-growth-strategy-to-double-your-practice-in-2022/
Data is powerful because it allows you to make improvements as you go. Not only does it help you understand your customers’ behavior, but it also enables you to predict market behavior, streamline processes, and answer many of the questions you really need answered as a business.
Although data is powerful, consolidating it when it’s scattered around can be challenging to say the least. This is where Google Analytics comes in: It helps you measure your advertising, website, and social channels’...
JOHNNY, AMBER & ME: Law Firm Marketing to Build your Fan Base-https://www.pilmma.org/blog/johnny-amber-me-law-firm-marketing-to-build-your-fan-base/
Unless you’ve been hiding under the proverbial rock, then you are aware of the bitter court battle unfolding between Johnny Depp, and his x-wife, Amber Heard. If you’ve been following the sordid trial, you now likely know more about their marriage than you do those of your family or friends. And even if you aren’t personally interested in this current courtroom spare, loads of your potential clients are. All around the world, viewers are glued to their flat screens or mobile screens, checking out the unfolding Depp/Heard saga.
Most lawyers have no idea that they should be creating a niche practice, much less how to make it happen. But this will get you way ahead of the curve and can begin reaping the benefits that law firms who have leveraged a niche market are enjoying now. Increased Revenue. Market Domination. Higher Value Cases.
The broadcast is now starting. All attendees are in listen only mode. Well, hello everyone. This is Ken Hardison and welcome to another monthly Pyrmont webinar....
One of the biggest things that sets highly successful entrepreneurs apart from most business owners is that they are continual learners. They are never satisfied with the status quo. They are always asking “What if?” They are striving to know more, so they can do more and become more. They are not resting on yesterday’s success, but are striving to achieve greater success today and tomorrow. They understand the importance of acquiring fresh ideas and new insights. With that in...
We’ve long known the benefits of affirmation and appreciation. Who doesn’t like hearing that they’ve done a good job or that the work they are doing matters? The more we feel appreciated, acknowledged, and affirmed, the happier we are and the harder most of us work to do a good job. It’s human nature. It starts when we can barely walk, proceeds through our school-age years, and continues throughout our adult life. In our personal lives, we readily recognize how...
We all have unique abilities, including both strengths as well as weaknesses. One of the biggest keys to success is learning to focus your time, energy, and efforts on developing and using your strengths.
Stop trying to focus on developing your weaknesses. Now I’m all about self-improvement, don’t get me wrong. But, when it comes to growing your law firm, you need to shift your mindset. Spend more of your precious time leveraging your strengths than trying to improve your weaknesses....
