Oct 10, 2021
In the past year, I’ve been talking a lot on this show about The Next Stage, my program to help senior lawyers figure out what comes next. My guests have discussed ways that lawyers can find meaning later in their careers. One topic that we’ve addressed is succession planning, or ways that lawyers can ensure that what they have built will live on as they scale back or exit the practice of law.
In larger firms, succession planning may mean handing the reins of leadership over time to the next generation and starting a process of transitioning the clients. For smaller firms, there may not be a deep bench ready to take over. In those instances, lawyers may simply opt to practice until they are no longer able to because of incapacity or death. Some lawyers will simply close their doors.
But some small firms may choose another option, and that is a sale.
In this episode, Tom Lenfestey discusses selling a law practice. Tom is a lawyer and CPA in North Carolina who runs the Law Practice Exchange where he helps senior lawyers get value from the enterprise that they have spent a lifetime building. Tom speaks and writes regularly on the subject and is author of Designing a Succession Plan for Your Law Practice.