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, thislack 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.
The Law Practice Exchange was created to answer those questions and provide the services needed to promote and help implement ownership transition strategies for lawyers. The Law Practice Exchange has become the national leader in law practice sales and helping attorneys and law firms implement their succession plans.
First, we see ourselves as a resource for the how-to of lawyer and law firm ownership transition planning. Second, we are consultants and practice brokers to provide the knowledge and services needed for lawyers to implement their desired exit strategy. Whether it is internal transfer and succession to the next generation within the firm or a confidential marketplace search approach to find a firm or individual attorney buyer, we provide the expertise and work to achieve those goals.
If you are an attorney with unanswered questions on what to do to plan for your professional transition or a lawyer or law firm looking for your law practice internal succession plan or exit path The Law Practice Exchange can help. The Law Practice Exchange serves as your confidential law practice broker or transition advisor in developing a plan that works for you, your firm and your successors in order to see it through to implementation.
The transition was smooth, the clients were glad to know their new advocate was enthusiastic and ready to help them and the practice never skipped a beat.Erik
The buyer that you brought me could not have worked out anymore perfectly than it hasGeorge
I had been looking into transitioning into retirement but had no idea how to start. Tom’s presentation was an eye opener! He explained that my law practice had a value based on my established reputation and pipeline of new business and could be sold.Marty