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/
Many highly successful law firm owners have tapped into a formula for rapid growth that doesn’t depend on innate talent for marketing or take years of expensive trial and error. And it isn’t based on finding the perfect Vender offering the golden egg of market domination.
Their secret is actually simple-
They join a Robust and Genuine Law Firm Owner’s Mastermind Group- so that they have immediate access to the winning strategies that other successful lawyers are implementing in...
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’...
While many of the above questions seem random, and frankly wide in scope, there is, in fact, a calculated reason behind each one. And the countless others that need to be addressed. Historically, custom-designed television media buying strategies have been the driving force behind successful law firm marketing. And to a degree, that still holds true even in today’s digital world. However, it’s the implications of that digital world which call for the above questions.
The Big Marketing Lesson from the Pesky Ducks in our POOL
By Tiana Hinnant-Hardison
Right now, it’s war at our house. Period. It’s us against the ducks. Ducks are sweet looking. Ducks are cute- when they’re swimming in ponds at the park- or waddling across the road. They make us feel warm and fuzzy- until they’re swimming in your pool.
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....
Buying a Law Firm is Law Firm Growth on Steroids. And Selling your Law Firm can be your Perfect Exit Strategy-
But Growth by Acquisition can be tricky business – Making this strategy work is all about picking the right firm, at the right time, at the right price and going about the purchase the right way.
In Part 1 of this 2-Part Series on Buying and Selling Law Firms, I introduced the concept of Law Firm Growth by Acquisition – including...