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’...
January 2022 is here in full force and the big question is, what will you do TODAY to make BIG things happen in your law firm for 2022?
While I’m not knocking a BHAG (Big Hairy Audacious Goal) – sometimes it’s the little tweaks you make to your life that yield the best returns. True in life and true in your law firm. One of the reasons our best-laid plans and new year’s resolutions go awry is that we set...
When most of us think about our clients, one of the first things that come to mind is a mental picture of that client who is being a pain in the proverbial butt. You know, the one you just can’t please – that’s always calling and complaining. (And typically, these are the clients you’ve done the most for or whose case is small enough you regret taking it in the first place). Or maybe you think of the client whose...
Yes, you read it correctly. Google Searches for Businesses “Near Me” rose 500% in the last several years, according to recent stats. And the stats keep going up. This isn’t just huge for restaurants and retail stores. It’s big news for any business, including law firms. If you are a law firm owner and want to dominate your market, this latest data is almost – and in some cases, MORE important than amassing Online Reviews. In fact, I’d say this...
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.
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...