The Buying & Selling of Law Firms - Episode #3

SUMMARY:

The momentum is clear: More and more lawyers want to either sell or buy their law firm. There is a growing marketplace for this – which is the sweet spot for Host Josh Kubicki’s guest on this episode of The Legal Modernist.

Tom Lenfestey of The Law Practice Exchange is explaining what it looks like to work within a succession-oriented framework and all the advantages these thoughtfully structured deals confer. It’s an exciting, entrepreneurial mindset shift that offers young attorneys a route to ownership (and agency over their futures!) while for more seasoned firm owners it’s a great way to cement a legacy.

Building an asset like a law firm may seem hard to quantify, but Tom walks us through how his firm calculates valuations and qualifies buyer-seller relationships that are the right fit. In fact, he provides the actual equation he and his team use in determining fair market value. The process is all about securing a transition on terms that make sense based on area of practice, geographic location, buyer circumstances, seller goals and timeline. These transactions can also serve as a modern apprenticeship – a partnership through which years of experience and community stature are transferred to a next-gen attorney eager to innovate, learn … and eventually take the reins!

This podcast is hosted by ZenCast.fm