We recently connected with Travis Townsend, Jr. and have shared our conversation below.
Travis, thanks for taking the time to share your stories with us today Let’s start with a story that highlights an important way in which your brand diverges from the industry standard.
From the founding of our law firm back in 2010, Townsend Lockett has had a philosophy of embracing the advantages of technology in a way most providers in the legal industry either cannot or will not. Lawyers are risk averse and creatures of habit. Rote and trite practices are commonplace throughout the law firm world. The speed at which technology develops and the curve associated with mastering new tools is daunting for most legal institutions. But not to us. We lean into it because we know it’s great business.
Grabbing the low-hanging fruit, we have leveraged technology to reduce the number of staff required to perform vital administrative functions. There’s absolutely no reason any business, professional services or otherwise shouldn’t be relying heavily on the latest software to reduce the cost of service tangential activity. But, we take it one step further and utilize technology to produce work product and client experience. We lean on technology to provide better response times to clients, more access to their records and files for self-help. We also use it for generating initial drafts of documents and schedules, and even to initiate strategy.
By way of example, we give clients confidential portals in our practice management system that permit them to see anything related to their service on their own time simply by logging in from anywhere in the world. We leverage a similar form of technology to ensure consistency of billing, record keeping, etc. when we engage co-counsel to assist on matters, ensuring all records are current and clean in real time. These things result in cost-savings passed through to our clients while also reducing time lag involved in a request to an administrative person or attorney for their own records, information, or updates.
Another thing that we do differently from other law firms is deploy a dynamic hiring/contractor strategy. We engineer our openings based on the compartments of a role instead of just hiring for set static roles and traditional hours or geographic location. We focus on candidates that have the skills and cultural fit we need to fill the components of a role and modify offers to fit the best talent into our system. Of course there are some situations so extreme they cannot be worked out, but for example if a candidate needs to work in a specific city, or focus their main working hours during a specific time of day to account for something like family care, we align their needs with the components of a role we need filled. Our approach might mean splitting a role in two and bringing on two individuals or redirecting some marketing resources in geographic areas consistent with where the talent needs to sit from time to time. But we prioritize bringing in the highest skill level and work ethic so we do what needs to be done to do it. It results in a happier, more productive workforce that delivers higher quality service and increases both workforce and client retention.
Legal service is extremely dependent upon human capital, deliverable quality and speed So our unique deployment of tech combined with how we attain and keep the best professionals make us one of the most formidable law firms in the country. We’ve been able to successfully negotiate multi-billion dollar telecom transactions and hundred million dollar transactions for some of the world’s largest companies and fastest growing businesses, respectively, against law firms 10x our size as a result.
Currently we are testing out generative AI internally to streamline processes and deliverable production upon working out the kinks. While other law firms and lawyers submit to paralysis of analysis, we dive in, test, assess, retool and re-deploy for the benefit of our clients.
Travis, before we move on to more of these sorts of questions, can you take some time to bring our readers up to speed on you and what you do?
I am a Co-founder and the Financial Partner of the law firm of Townsend & Lockett, LLC, in Atlanta, Georgia, where I oversee the firm’s multi-million dollar financial plan. I also lead Townsend Lockett’s business law, corporate and securities transactional practices and have directed the firm to more than $18B in transactions closed. Additionally I am a Managing Consultant with Torinity Consulting Company where I am currently building out its leadership development and intergroup dialogue departments. I am an Adjunct Professor on Faculty at the University of Michigan School of Law and the Emory School of Law where I teach transactional law simulations.
Outside of the professional arena, I am fully committed to community service and the advancement of opportunities for education and wealth generation for those historically not afforded equal access to those things. I currently serve as the President of the National Black MBA Association Atlanta Chapter, and am a proud member of Alpha Phi Alpha Fraternity, Inc.
I attended the University of Michigan in Ann Arbor where I earned my Bachelor of Arts degree in Psychology. After graduating, I continued in the city of Ann Arbor to study law at the University of Michigan School of Law, receiving my Juris Doctor degree in May 2003.
My road to where I am today was mostly uncharted. I am a first generation lawyer and professional services entrepreneur. I hail from one of the most industrious families, the son of parents who elevated us out of poverty through years of long hours at blue collar work. I was always taught by my family that education and hard work would reward me with whatever I desired from life. They were right. I was able to matriculate through one of the top universities in the world and begin my career at an AmLaw 100 Law Firm working on the most sophisticated business deals developing a comprehensive business transactions legal skillset. Ultimately I was able to transfer those skills to co-found a law firm, growing it from the single location of Atlanta, Georgia and expanding it to offices in Chicago, Dallas and Los Angeles, closing transactions nationwide and internationally.
I was born with a natural compass for fairness, the courage to fight power, and the drive to outlast any challenge. My interest in the law took hold as early as middle school because of those traits. It was apparent to me pretty quickly that using law was a way to right wrongs. Originally I wanted to become a civil rights attorney or a criminal defense attorney to help individuals mistreated or not given a fair shake by the most powerful institutions. Those focus areas were really all I was aware of as a youth primarily based on media depictions. My focus shifted in law school when I was exposed to the vast options for law practice – those regarding the movement of money, income and wealth generation in particular. I noticed there was no shortage of attorneys of color in the fields of civil rights, criminal defense and labor discrimination. By contrast there was a dearth in transactional practices. Having spent a significant amount of time and energy on community and advocacy service work with organizations focused on balancing opportunity for everyone, it became apparent to me that cash moves action more than any fuel on the planet. Thus I chose mergers & acquisitions, finance and transactional work as my engine to drive fairness.
By ensuring that it isn’t just my Fortune 500 company clients, the ones with decades and sometimes centuries of business experience, who receive platinum standard legal counsel and insights in business, but also those first-gen entrepreneurs and diverse-lead middle market businesses. Indeed revenue, profit, cost management, stability and predictability in business operations are a function of the deals negotiated and papered, and work my tail off to ensure my clients get the most value from their arrangements. I help level the field so all can play on the same firm ground.
Having personally traversed a lower standard of living to a higher one, and having transitioned from being wholly unaware of business nuances to mastering them, I have a keen understanding of the acutely varying needs of operators in different business maturity. Resultantly I am more creative than most business attorneys in solving problems, taking from the broad range of life I have experienced. I have an appreciation and patience for those who need more than legal execution, but also business guidance, exposure and coaching to achieve their objectives. These things are part and parcel of the culture of Townsend & Lockett, so we are seen as the firm of choice for a white glove experience without sacrificing sophistication and legal knowledge. We’re a business that achieves its financial objectives on the premise that we profit walking side-by-side with our clients across the goal line instead of riding their backs.
What do you think helped you build your reputation within your market?
Without a doubt, my community service performance and leadership have helped me build my reputation within my market. Townsend Lockett did not historically do much traditional advertising or paid marketing of itself or our individual attorneys. Probably for the first 12 years to be exact. My reputation as an attorney was largely a product of performing in excellence in volunteer and board service roles, being dependable, communicative and responsive, innovative and executing.
I’ve served every community I’ve ever lived or immersed myself in; that includes neighborhoods, cities, schools, workplaces, you name it. I get involved. I like to plug holes, build solutions and I have always been good at bringing people together and pushing them to do things beyond their original comprehension to generate real quality fixes. Anyone who has served with me can attest that I do not believe in the status quo, I can be counted on to do what I say I will do, and am principled. Those are all things I think people want in a lawyer. Those who engage my legal services for compensation are certain they will have the same experience that I provide to the needs of my community for free.
I validate client expectations with a high service level when they hire me. In return they propagate my reputation and perpetuate my brand by sharing about their interaction with friends, family and other client prospects. To really drill it down, volunteer opportunities can be rewarding multi-faceted. They are opportunities to showcase your competency, work ethic and style while making a difference which translates to your business brand.
Can you share a story from your journey that illustrates your resilience?
Sure. Fortunately, or unfortunately depending upon how you look at it, I have had lots of opportunities to exhibit resiliency. One example in particular though surrounds my commitment to my particular specialty as a new law firm. When we started out, I was told by many practitioners in the industry that there was no way I would be able to continue to focus on mergers & acquisitions and corporate finance as a start-up firm, and especially as a Black founded firm in all candor. The thought was that most companies would be uncomfortable bucking the norm that M&A and finance work was traditionally performed by large white shoe law firms – Wall Street types. They pointed to the landscape at the time that was devoid of any law firms like us doing what we intended to do. When I looked around I recognized that despite my commitment to my destiny, their reservations were absolutely founded facially.
The first several years my practice lagged behind others within the law firm significantly. The work in the space that I had spent the entirety of my career doing just was not coming through the door in any meaningful way. The firm’s overall revenue and consequently my compensation was reflective. I was hurting financially, getting behind on essential bills, having zero fun. There was no shortage of lifelines however. I was inundated with contact from headhunters trying to get me back into Big Law or to transition to Big Consulting, with some magnificent offers. Additionally, there was significant activity available to Townsend Lockett in service areas outside of M&A and finance. To capitalize on them I would have had to reduce, if not abandon altogether my efforts in building my mergers and acquisitions practice. While my law partner was completely understanding and down with the game plan, the guilt and stress of feeling like I wasn’t carrying my weight was embarrassing and quite frankly, depressing.
Faced with the daily decision of waking up and living in that mire or simply taking one of the exits available to me, I chose to commit until either I truly went bust, losing all my material possessions, car, house, etc., or making it work. I wrote out several affirmations and framed them, hung them up right over my alarm clock, and read them each morning when I got out of bed. The most relevant one read, “I will make $500 in legal services today.” Breaking it down to a very small, manageable goal made earning within my specialty of purpose doable in a way it had not been before.
Becoming fully sustainable did not happen overnight. It still took an extended amount of time to get where we are today, but eventually I arrived at a point where I could anticipate completing 10 to 15 acquisitions annually. Townsend Lockett has closed nearly $20B in transaction value to date. It was one of my life’s biggest tests because not only was the practice I was trying to build extremely difficult in and of itself, there was the temptation of bailing out constantly nagging me. Being out in the freezing cold is one thing, but being in the freezing cold by choice when there are invitations to a nice warm cozy Inn with a fireplace, hot chocolate and soft bedding is another. I stayed the course and now am living fully in my purpose.
Contact Info:
- Website: townsendlockett.com
- Instagram: @therealtravtown
- Facebook: https://www.facebook.com/travisttownsend
- Linkedin: https://www.linkedin.com/in/travistownsend/
- Twitter: @travtown
Image Credits
Bow Tie Photos, Phinnessee Photography