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Maximum Lawyer
The Complexities of Buying and Selling Law Firms with Tom Lenfestey
Aug 6, 2024
Tom Lenfestey, founder and CEO of the Law Practice Exchange, discusses the vibrant market for buying and selling law firms. He details why some firms are ripe for sale while others aren't, emphasizing the importance of solid processes and updated technology. Tom highlights the emotional hurdles that can derail deals, urging a mindset shift for law firm owners. He offers insights into valuing firms, the key role of employees, and provides practical book recommendations to help lawyers navigate these complex transitions.
35:30
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Quick takeaways
- The current legal market sees a rise in acquisitions, particularly within personal injury law firms, driven by a younger entrepreneurial mindset.
- Emotional barriers, such as attachment to control and fear of financial instability, often hinder lawyers from successfully selling their practices.
Deep dives
In-Person Mastermind in Las Vegas
An upcoming in-person mastermind event in Las Vegas is set to take place this fall, featuring a tour of Zappos' Downtown Las Vegas Campus. Attendees will gain insights into innovative business practices related to company culture, employee engagement, and customer service, applicable to their own law firms. The tour will be followed by mastermind hotseats, allowing participants to discuss their business challenges with peers and expert coaching. This event emphasizes the value of face-to-face collaboration in overcoming barriers to law firm success.
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