Episode 43 - Private Equity and Non-lawyer Ownership of Law Firms With Steve Gursten
Update: 2025-06-12
Description
Private Equity and Non-lawyer Ownership of Law Firms With Steve Gursten
In this episode of Legal Marketing Radio, Chip LaFleur interviews Steve Gersten of Michigan Auto Law. They delve into the evolving landscape of the legal industry, particularly focusing on the influx of private equity and non-lawyer ownership of law firms. Steve provides insights from a recent conference in Nashville, discussing the pros and cons of these developments, the impact on small and solo law firms, and the challenges posed by increased competition and scale efficiencies. The episode also explores strategies for small firms to differentiate themselves, the importance of trial experience, and building community relationships as a defense against the rise of large, data-driven law practices.
00:00 Introduction to Legal Marketing Radio
00:06 Meet Steve Gersten: Top Trial Attorney
00:26 The Shift in Legal Industry: Private Equity and Non-Lawyer Ownership
01:09 Concerns and Opportunities with Private Equity in Law
03:38 Impact on Small Law Firms and Legal Services
06:14 Strategies for Small Firms to Compete
09:35 The Importance of Client Service and Community Involvement
13:39 Leveraging Expertise and Specialization
22:16 Final Thoughts and Advice for Small Firms
28:34 Conclusion and Farewell
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