Victoria Collier, a lawyer and founder of Quid Pro Quo, specializes in helping lawyers buy and sell law firms and coaching law firms on building value and becoming sellable in the future. In this conversation, Victoria shares her journey of selling her law firm, the importance of education and options in the legal industry, and the power of niching down and finding your expertise within a niche.
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Victoria is a lawyer and the founder of Quid Pro Quo, a business that helps lawyers buy and sell law firms. Originally from Texas, Victoria has over 18 years of experience running her law firm, which focuses on estate planning and elder law. In 2020, she decided to sell her law firm and transition into helping other lawyers navigate the process of selling their firms. Victoria is passionate about providing education and resources to lawyers, and she does so through her podcast, Smart Lawyers Position to Transition, where she shares valuable insights and advice on buying and selling law firms.
“There is no one set thing and we can change our mind. That is the beauty of having a law degree,” shares Victoria Collier on You Are A Lawyer.
In the episode, Victoria emphasizes the importance of finding a niche within the legal field and pursuing what you truly enjoy. She encourages new lawyers and law students not to chase money but to focus on finding an area of law that fulfills them. Victoria also highlights the flexibility and opportunities of having a law degree, reminding listeners that they are not limited to one path and can explore various avenues within and outside the legal profession.
Victoria attended law school because she was always confident and naturally inclined towards the legal field. Her experience as a paralegal and extensive research and interviews with lawyers, professors, and judges helped her decide that law school would benefit her. One lawyer she met with had a successful law firm and told her he wished he had done it sooner. This statement resonated with Victoria and motivated her to pursue her path as a lawyer and eventually start her law firm.
“I don't want to be that person saying, I wish I had done this three years earlier, because you'll hear all kinds of guidance like, oh, well, you should go and work for someone else because you got to cut your teeth and you don't know anything. Well, none of us knew anything in the beginning, you know, I mean, we all learned something somewhere. And we all suck in the beginning. Let's just face it, we just do,” reflects Victoria Collier on Episode 121 of You Are a Lawyer.
A critical piece of advice Victoria gives is to find a niche within the legal field that you enjoy and become an expert. Whether specializing in a specific type of law or focusing on a particular aspect within a broader field, niching down allows you to stand out and excel in your chosen area. Victoria emphasizes the importance of finding and pursuing what you love rather than chasing money or following others' expectations.
“Don't let anyone else pigeonhole you into what you should do or shouldn't do because you have a law degree. This is your life and career,” emphasizes Victoria Collier, on this episode of You Are a Lawyer.
Additionally, Victoria highlights the flexibility of a law degree, noting that it opens doors to various opportunities both within and outside the legal profession. She encourages law students and new lawyers to explore different paths and be bold in their minds. The JD degree carries respect and credibility, allowing individuals to venture into other fields or create unique career paths. Victoria highlights the versatility and potential for growth with a law degree, empowering individuals to pursue their passions and make a meaningful impact in their chosen areas of interest.
Quid Pro Quo, founded by Victoria Collier, is a unique business that helps lawyers buy and sell law firms. With a focus on providing coaching, valuations, and guidance on building law firms with future sellability, Quid Pro Quo offers comprehensive services to support lawyers in their transition. Victoria's experience selling her law firm in 2020 and her early success in helping others sell their firms inspired her to start the business. Through her podcast, Smart Lawyers Position to Transition, Victoria aims to educate lawyers about their options and the process of selling a law firm. She emphasizes the importance of positioning oneself for a successful sale. She highlights how lawyers can exit their firms by stepping back from their roles or altogether leaving the firm.
“I want them to know that they have options, that there is no one way to exit… I want people to get out of the podcast is number one is that you have options, you have so many options and number two is that there are things that you can and should do to position yourself to sell that you can't just wake up one morning and say, I don't want to do this anymore and think that people are going to be knocking on your doors,” explains Victoria Collier in Episode 121 of You Are a Lawyer.
Quid Pro Quo's mission is to empower lawyers with the knowledge and resources to make informed decisions about their law firms and successfully navigate selling or transitioning their practices.
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Victoria Collier is licensed to practice law in the state of Georgia.
Learn more about Victoria: Quid Pro Quo
Listen to Victoria's podcast: Smart Lawyers Position to Transition
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