Watch the YouTube version of this episode HERE
Are you a law firm owner who is thinking about buying or selling a firm? In this episode of the Maximum Lawyer podcast, Jim and Tyson are joined by Tom Lenfestey, founder and CEO of the Law Practice Exchange. Tom discusses the bustling market for buying and selling law firms, particularly in the personal injury sector.
Tom shares his insights on acquisitions and why some firms are ready while others are not. Not every firm will be fit to be bought or sold. An ideal firm will be on the market for purchase when it has gone through the necessary changes to become successful. If a firm is bringing in good business, lawyers are making a good salary, processes are ironed out and in place and the technology is up to date, potential buyers will be calling.
In the buying and selling of firms, deals can fall a part. In the legal space, deals fall through due to the emotions of both the buyer and seller as well as the fear to sell a firm that has been in business for a long time. For lawyers, it is natural to think about the ways in which something won’t work. But, that creativity can be used to think about the ways in which it can. That shift in mindset can really allow law firm owners to be confident in closing a deal to sell.
Listen in to learn more!
Jim's Hack: Read the book “Build to Sell" which will have you get prepared to sell a firm.
Tom’s Tip: Read the book “Die with Zero”, which goes through how to control your life and experiences. It helps put perspective on why you are here and what your purpose is.
Tyson's Tip: Look into the app EDX, which gives you free courses from universities and colleges across the USA.
10:19 Discussion on the ideal size and caseload for a law firm to be ripe for acquisition.
11:44 The impact of emotions and reasonableness in deal dynamics
18:29 The impact of emotions and reasonableness on deal success
Tune in to today’s episode and checkout the full show notes here.
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