Episode 72-Selling a Law Practice With the Law Practice Exchange

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. Additional Resources Succession Planning For Your Career: What Comes Next Episode 67-Retirement By Design (for Lawyers)

Om Podcasten

Counsel to Counsel is a periodic podcast produced by Stephen Seckler of Seckler Attorney Coaching (www.counseltocounsel.com). It addresses important career, marketing, and leadership issues facing attorneys. The target audience is associates, counsel and partners at law firms of all sizes; but the podcast also addresses issues that are relevant to in-house counsel, law students or any lawyer who is looking for career insights inside or outside of the law. Counsel to Counsel is aimed at individual lawyers who are looking to increase their own career satisfaction and build their marketing and leadership skills. The podcast features interviews with leading consultants, career professionals and marketing experts who advise attorneys on careers, marketing, law firm management and related issues. The guests are also a roster of successful attorneys who have found career satisfaction inside and outside the law. Counsel to Counsel is a direct outgrowth of the blog Counsel to Counsel which Stephen Seckler has been publishing since 2005. Since graduating from law school in the late 1980s, Stephen Seckler has been advising lawyers on career and marketing issues and working with a broad mix of law firms and corporate law departments. He began blogging when legal blogging was in its infancy and his blog Counsel to Counsel was named to the ABA Journal’s Blawg 100 in 2007 and 2008 (the first two years that list was in existence). Steve has written extensively on career and marketing issues and he has spoken at many law school, law firm and bar association events. He served on the Boston Bar Association’s Standing Committee on Work Life Balance and was Vice Chair of the Law Practice Management Section of the Massachusetts Bar Association. He is active in the Senior Lawyers Division of the American Bar Association, the ProVisors business network, and has been quoted frequently in the legal and business press.