For many years in his practice, Tom Lenfestey, an attorney and CPA, worked with professional businesses by assisting them in ownership transfer and succession strategies. As an attorney and partner in a law firm himself he realized that most lawyers or law firms didn’t have a plan for transitioning lawyers and the practice ownership they hold when that lawyer is ready to walk away.
Additionally, very little knowledge was available to the law firm owners on the options available for ownership transfer, especially when it came to sale of that ownership through internal or outside sale methods.
To Tom, this lack of knowledge was hurting lawyers and law firms as compared to other professions who had abundant transfer resources available to help them through planning for retirement, sale or succession of their law practices.
He created The Law Practice Exchange to answer those questions and provide the services needed to promote and help implement ownership transition strategies for lawyers.
Tune in now and get Tom Lenfestey’s thoughts on:
- Tell us about yourself.
- What happened that cause you to come up with this idea? What napkin did you write this on?
- This is great for those who are brand new to opening a law practice, they can simply purchase an existing one, right?
- So now this means that the law firm has to understand business to create a firm of value?
- You need to put your time, money, and energy into intake. It’s all about intake right?
- And much, much more!