Episode 61:
The Other Way To Quickly Grow Your Law Firm, with Tom Lenfestey
Tom Lenfestey, started his legal career as an attorney and CPA focusing on estate, business and tax planning. Through his work with clients in personal and business succession planning while comparing it to his experience through his ownership and management of law firms he noted a tremendous void in his own profession. The lack of resources for lawyers and law firms in the areas of law firm continuity and succession planning, selling of a law practice and lawyer professional transition as compared to other professions and businesses had to be corrected. As a result, Tom founded The Law Practice Exchange, LLC in 2013 and since has been actively involved in helping lawyers and law firms tackle and successfully transition ownership of law practices from one generation to the next for the benefit of all involved. The Law Practice Exchange continues to expand its reach today in helping lawyers across the country understand, evaluate and achieve law firm continuity plans that involve sale, transition, retirement and other goals of law firm owners and their successors. Tom was appointed and actively serves on the Transitioning Lawyers Commission with the North Carolina Bar Association and provides numerous educational events to attorneys, law firms, state and local bar associations, legal insurers and other law related professional organizations on the topics of law firm succession planning, selling and buying of law firms, valuation of law firms and others related to law firm continuity and professional transition planning. Tom is a NC State Wolfpack fan, a past Michigander (who still believes in the Lions). However, his true passion in life is his family and with his wife and two young boys waiting for him at home, the pace of life just speeds up when he walks in the door, which is just the way he likes it.
What you’ll learn about in this episode:
- Why law firm acquisition should be considered as an option to accelerate your firm’s growth
- How to evaluate the fair market value of a law firm
- The 4 methods of evaluation when it comes to assessing a firm’s value
- Looking at case inventory as an asset
- How to get financing to purchase a law firm
- Why now is a great time to buy or sell a firm
- What effect non-lawyer ownership of firms could have on buying or selling a law firm
Resources:
- Website: https://thelawpracticeexchange.com/
- LinkedIn- Personal Page: https://www.linkedin.com/in/tomlenfestey/
- LinkedIn- Business Page: https://www.linkedin.com/company/3523876/
- Facebook: https://www.facebook.com/lawpracticeexchange/
- Twitter: https://twitter.com/LawPracticeExch
- Email: Tom@TheLawPracticeExchange.com
Additional Resources:
- The Mastermind Effect: https://www.pilmma.org/the-mastermind-effect/
- PILMMA’s free Coronavirus Survival Kit: www.pilmma.org/free-resources/
- Strategic Attorney Coach: https://www.pilmma.org/strategic-attorney-coach/
- PILMMA Join Page: https://pilmma.kartra.com/page/join-pilmma
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