{"id":30105,"date":"2024-03-18T13:18:44","date_gmt":"2024-03-18T17:18:44","guid":{"rendered":"https:\/\/abovethelaw.com\/?p=1043757"},"modified":"2024-03-18T13:18:44","modified_gmt":"2024-03-18T17:18:44","slug":"auction-block-can-you-really-sell-a-small-law-firm","status":"publish","type":"post","link":"https:\/\/abovethelaw.com\/legal-innovation-center\/2024\/03\/18\/auction-block-can-you-really-sell-a-small-law-firm\/","title":{"rendered":"Auction Block: Can You Really Sell A Small Law Firm?"},"content":{"rendered":"

\"ATL-Legal-Tech-Non-Event-Promo-Image-1b-edit\"<\/a>Is it possible to sell a small law firm? Yes. <\/span><\/p>\n

That\u2019s the good news.\u00a0 <\/span><\/p>\n

The bad news is that those law firms are not as valuable as, say, tech companies, which sell for significant multiples.\u00a0 <\/span><\/p>\n

Law firms usually don\u2019t sell for <\/span>any<\/span><\/i> multiples \u2014 most are purchased for 1x the gross annual revenue. That\u2019s because the revenue is generally not “sticky” \u2014 but neither are the clients, when the founder walks out the door.\u00a0 <\/span><\/p>\n

Goodwill only goes so far, after all.\u00a0 <\/span><\/p>\n

But can you increase the value of your law firm, with the right technology and system? You\u2019re darn tootin\u2019!\u00a0 <\/span><\/p>\n

Listen to <\/span>Jeremy Poock<\/span><\/a>, of <\/span>Senior Attorney Match<\/span><\/a>, on this edition of the Non-Eventcast podcast, to learn about the levers you can pull, to increase your law firm\u2019s sale price.<\/span><\/p>\n

Jeremy begins by talking about how he got into working as a broker selling law firms in the first place (3:05).\u00a0 <\/span><\/p>\n

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).\u00a0 <\/span><\/p>\n

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).\u00a0 <\/span><\/p>\n

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).<\/span><\/p>\n

If you think your law firm isn\u2019t an asset \u2013 think again!\u00a0 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.<\/span><\/p>\n

Feel free to also check out our\u00a0CRM Buyers Guide<\/a><\/strong>\u00a0at the Non-Event for more on the latest resources. (The Non-Event is supported by vendor sponsorships.)<\/p>\n