Early Succession Planning Protects Your Clients and Secures Your Future

Succession planning is vital for any law firm, but it's about more than just retirement. It ensures business continuity through the expected transitions and the unexpected ones like incapacity, death, or disaster. For solo and small firms, it is critical to uninterrupted client service, while also maximizing firm value. In today’s episode hosts Christine Bilbrey and Jamie Moore welcome Tom Lenfestey, of The Law Practice Exchange, to discuss succession planning. In his role as the Founder & CEO of The Law Practice Exchange, Tom’s goal is to guide lawyers through the next chapter of their legal career, whether that’s succession planning, exit planning, or strategic growth through law firm acquisition. As a respected leader in law firm sales, Tom has guided The Law Practice Exchange to be the leading marketplace and expert team specializing in aiding attorneys and law firms in buying and selling law firms through continuation, exit and succession strategies. Its mission is to provide education and essential services to facilitate seamless law firm sales and acquisitions and lawyer transition planning.This podcast has been approved by The Florida Bar Continuing Legal Education Department for 1.0 hour of General CLE. Course # 9312. REFERENCED RESOURCES: The Law Practice ExchangeSelling Your Practice with Tom Lenfestey (Podcast)Selling Your Law Practice: Insights from Tom Lenfestey on Building a Saleable Business (Podcast)How to Value Your Law Firm with Tom Lenfestey (Podcast)Rule 4-1.17 Sale of Law Practice Florida Bar Ethics Informational Packet: Notifying Clients of Change in Firm CompositionFlorida Bar’s Ethics Informational Packet: Of CounselABA LPM: Succession Planning for Your Next Firm AdministratorA Guide to Law Firm Succession Planning: From Emergency Plans to Exit StrategiesChecklist for Lawyers Retirement, Law Office Closure, Or Law Firm DissolutionThe 16-Pager: How to Avoid Boredom in Retirement with the Greatest of Ease (ABA Journal)Book: Designing a Succession Plan for Your Law Practice: A Step-by-Step Guide for Preparing Your Firm for Maximum Value (Amazon)Book: Younger Next Year – A Guide to Living Like 50 Until You’re 80 and Beyond (Amazon)Book: Traction – Get a Grip on Your Business (Amazon)Succession Planning GuideLegalFuel: The Florida Bar’s Practice Resource Center