The Law Practice Exchange is a brokerage and law firm sales platform that was built by lawyers for lawyers offering access and service unmatched in the industry. Law firms and lawyer exit planning is all we do. We understand that the process of buying a law firm, or selling your law firm, or working on an internal succession plan is different from other types of businesses. Our process is built to address those law specific challenges and structures and we have over a decade of success stories to prove it.

The Law Practice Exchange has spent years in developing, testing and deploying the proven process for successfully buying a law firm, selling a law firm or developing a succession or continuation plan for a law firm. Our client team is experienced and understands the ins and outs of law firm sales, purchases and law firm succession. From our core Client Services Team to our expansive nationwide network of brokers, consultants and other resources we have the knowledge and expertise to work for you. 

The Law Practice Exchange was born from the idea that lawyers and law firms deserve the same options other professionals enjoy when it comes to exit and retirement strategies or growth through acquisition. As an attorney and CPA working with professionals in exit and succession planning, LPE CEO Tom Lenfestey realized the same good could be done for lawyers albeit under a different process. He founded The Law Practice Exchange to change the way law firms are bought and sold.

The Law Practice Exchange has worked with hundreds of law firm owners and transacted deals in excess of $150 million in law firm revenues. 

This is the first question on almost every buyer’s mind. Our team’s answer is consistently that we will assist in sourcing suitable firms based on the buyer’s criteria. In one case, a buyer explicity said that he needed help finding the right firm to acquire – a sentiment echoed by many. The team often outlines how we match buyers with listings and off-market opportunities (a core service mentioned across buyers notes).

• Financing is a very common concern. Buyers frequently ask if we guide them in funding the purchase. The team’s answer is yes: we help with lender pre-qualification and financing strategies. For example, one buyer prospect indicated “I need help with financing”, to which we offered assistance connecting with lenders. This question arises in a large portion of buyer meetings, as financing is a major hurdle for buyers.

• Nearly all buyer prospects seek a roadmap of the process. The team typically outlines the major steps (finding a target, valuation due diligence, negotiations, financing, deal structure, transition). One note captures a buyer saying “once I know the steps I’m ready to get started”, highlighting that providing a clear process is key. This process overview is a standard part of our buyer consultations.

• Buyers often ask how to ensure they pay a fair price. Our team emphasizes conducting a valuation or financial analysis of the target firm, a service we provide. In fact, a buyer prospect explicitly noted he “will need help with the valuation” of a target acquisition – a request we see routinely. The team’s answer is that we perform due diligence on financials and valuation modeling for buyers (this comes up in most buyer engagements).

• This question is implied in many buyer meetings once a target is identified. Buyers want to know if we help negotiate terms, structure earn-outs, etc. The answer: Yes, we guide deal structuring. In one case, the prospect indicated interest in help with “deal terms and structuring” post-valuation. Numerous notes show this as a recurring theme – our team often discusses optimal deal structures (payment terms, transition period, etc.) as part of answering buyer queries

LPE encourages buyers to use discovery sessions and fit criteria (firm size, team, practice area, transition options) to evaluate. They also recommend consulting with LPE before making offers to avoid misalignment.

Yes. After buyer intake and qualification, LPE coordinates structured initial conversations with the seller. Guidance is offered on what to ask and how to build rapport.

LPE provides scripts, messaging templates, and recommends transparency on your intentions, financing, and timeline. Being prepared, respectful, and consistent helps immensely.

Expect 30–60 days of access to financials, systems, and team info. LPE will guide you through what to ask for, how to interpret it, and what red flags to watch for.

Common pitfalls: ghosting the seller, slow responses, unclear financials, inflexibility, or skipping LPE’s structured process. LPE actively helps avoid these by managing the flow and encouraging proactive engagement.