Jacob Murad, an accomplished attorney and business strategist, recently joined The Attorney Post to discuss his journey in law, his approach to business acquisitions, and his dedication to mentoring young lawyers. As the head of KPA Lawyers, Murad’s insights shed light on the evolving nature of legal practice and the importance of business acumen in the industry.
Unlike traditional law firms that solely focus on legal matters, Murad envisions KPA Lawyers as a professional services firm offering more than just legal support. His firm integrates accounting, insurance, and restructuring services to provide clients with a well-rounded approach to problem-solving. This innovative model reflects a broader trend in the legal industry—where firms are no longer just legal representatives but strategic partners for their clients.
Murad also emphasizes the importance of ancillary services in legal practice, an area often overlooked in legal education. He believes that lawyers should expand their knowledge beyond law to better serve their clients, a perspective shaped by his experience in corporate law, where he has bought and sold multiple businesses, including five law firms.
Murad’s path to law was unconventional. With a background in history and acting, he initially considered pursuing a PhD but ultimately chose law as a career. His diverse academic interests shaped his problem-solving skills and adaptability—qualities that have served him well in both legal practice and business acquisitions.
His ability to analyze trends, whether in history or business cycles, has been instrumental in his success. He notes that economic shifts occur roughly every ten years, a reality that informs his strategic decisions when acquiring and managing businesses.
One of the most striking aspects of Murad’s career is his focus on acquiring law firms. He has bought and sold up to 50 different companies, demonstrating a deep understanding of business valuation and law firm management.
When considering a law firm for acquisition, Murad prioritizes longevity, financial stability, and branding. He looks for firms with an operational history of at least 10 to 20 years, a strong client base, and a team beyond just a sole practitioner. Reviewing financial statements is also a key factor in determining whether a firm aligns with his business objectives.
His approach to business acquisition extends beyond law. Murad has expressed interest in industries such as insurance and even owning a sports team, recognizing similarities between these ventures and legal practice in terms of service management and resource allocation.
The COVID-19 pandemic drastically altered the legal landscape, with courts adapting to virtual hearings and firms embracing remote work. However, Murad acknowledges the drawbacks of this shift, particularly for young attorneys. He argues that remote work limits their opportunities to learn from experienced lawyers through in-person interactions.
To balance flexibility with professional growth, Murad implemented a hybrid work model at KPA Lawyers, requiring employees to be in the office three days a week. He recognizes the importance of maintaining a strong corporate culture and providing clients with the option of face-to-face consultations, which he notes is still the preferred method of interaction for many.
Murad is deeply invested in mentoring young attorneys, offering bar exam tutoring and career guidance. He highlights a common issue among new lawyers: unrealistic salary expectations without the necessary experience or skills. Many assume that years in the profession equate to higher salaries, without considering the value they bring to a firm.
He stresses the importance of business development skills for lawyers, as law schools often fail to teach students how to convert legal knowledge into financial success. Without an understanding of client acquisition and firm operations, young lawyers may struggle in private practice.
Murad also raises concerns about the legal and financial environment in Canada, particularly regarding the ease with which bank accounts can be frozen under Mareva orders. He critiques the shift in legal practice where individuals are increasingly presumed guilty before due process is followed.
Additionally, he points out the volatility in government policies, such as the fluctuating capital gains tax, which creates uncertainty for businesses and individuals. These concerns reflect his broader perspective on legal and economic stability.
Jacob Murad’s appearance on The Attorney Post offered a compelling look into the intersection of law and business. His career demonstrates that being a successful lawyer today requires more than legal expertise—it demands business acumen, adaptability, and a commitment to mentorship. As the legal industry continues to evolve, Murad’s insights provide valuable lessons for both seasoned attorneys and those just entering the field.
KPA Lawyers
4 Robert Speck Pkwy Suite 1620
Mississauga, ON L4Z 1S1, Canada
905-965-6263
Online at: KPA Lawyers
