Can you see how your law firm is going to survive?
posted 1st March 2021
The environment for small law firms (sub £3m fee income) has never been tougher. Lacking scale, management resources and the capability to invest in new systems, the future looks bleak. Many law firm owners are beginning to realise that an independent existence may no longer be possible.
So, is selling or merging your law firm the right choice? The market today is packed with buyers for law firms, for books of business, for teams and for individuals.
Which buyer is the right one for you?
And how can you take advantage of the situation before the market becomes flooded with sellers (and all the signals are that distressed sales are going to multiply in the coming months).
What - specifically - are you looking for in a buyer?
If you run a law firm that needs to merge or sell then an external perspective can really help. Objectively, what are the valuable and less valuable parts of the business?
How can you tell if your business is fit enough to survive a transaction?
If your business is good enough to transact, then is it fit enough to thrive. It's an ugly term, but 'strategic optionality' is key in a crisis. And we are in a crisis. Do you really understand your options?
Are you finding the time to address the firm's long-term future?
Do you have the perspective needed to decide whether a transaction is a good option for you?
Have you got the right support needed to work through those choices and understand where your future value lies?
As a law firm owner, you need to get to a position where you have strategic options available to you; you need to be able to weigh them up, calmly and rationally, and then decide on the optimal choice for you and your firm. Otherwise, you risk becoming a price taker, and your firm's destiny, and any value that you have built up over many years of hard work, will fall out of your hands.
Do you have the approach of running your business as the owner of a wealth generating asset, not the manager of a shop? Having it ready to transact means it operates at its best. It becomes your choice to sell, to buy, or to grow under your own steam.
Put yourself back in control of your future. Access the support, expertise and experience that is available. Be confident in the strategic options for your firm.
Our experienced team here at Viv Williams Consulting provide a free no obligation consultation if you wish to discuss any aspect of your business. Click here to book yours.
You may also find it useful to complete one of our diagnostic tools and will then receive a confidential report for your firm to utilise. Click here for the Growth Diagnostic or Click here for the Finance Diagnostic.