Succession Plans Help Small Law Firms Cope With a Rapidly Changing Collections Market
Concentrate on Law
An affiliation with a large firm can relieve the partners of a small firm of the parts of a law practice that many lawyers hate: payroll, IT, accounting, compliance, and client services. This allows them to act like lawyers again.
Move into Business Development
Many smaller firms have great contacts and reputations in the industry but have hit a glass ceiling in business development because they are limited to one state. An affiliation with a larger firm can provide the opportunity to expand your current good relations into a national arena.
Improve Your Competitiveness
Joining a large firm can make your firm more attractive:
- Asset location resources that greatly improve your judgment liquidations, which in turn lead to increased market share.
- A larger footprint that increases your attractiveness to existing national clients.
A decision to join a firm after years of your running your own shop should obviously not be taken lightly, but a wise national firm will allow a seasoned, reputable local attorney to have considerable latitude within its brand.
Eltman Law is looking to help collection firms with their exit strategies through creative succession plans that benefit all parties. Please reach out to us if you’re considering an exit.
For more information:
Call 212.660.3164 or e-mail: BrBoyle@eltmanlaw.com