Lawyerist Podcast #568: How to Build a Law Firm You Can Sell, with Victoria L. Collier
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Jul 10, 2025 Victoria L. Collier, founder of Quid Pro Quo and former estate planning attorney, shares insights on building a sellable law firm. She discusses the importance of detaching personal identity from the business and creating operational independence. Key topics include what buyers really want, strategies for effective hiring, and the critical role of AI in firm valuations. Victoria unveils surprising truths about law sales, such as potential cash upfront and the necessity of a self-sustaining firm to attract buyers.
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Business Owner Mindset Shift
- Seeing yourself as the business owner, not the business itself, shifts perspective crucially.
- This mindset enables delegation and prevents you from becoming the bottleneck.
Firm Independence Demonstrates Value
- The ability for a firm to operate during month-long owner absences proves it can run independently.
- This independence is key to showing buyers the business isn't owner-dependent.
Trial Runs Reveal Firm Readiness
- Victoria once took a disastrous 30-day absence that revealed key firm weaknesses.
- Her second absence showed the firm ran smoothly, prompting her to sell it.