Tom Lenfestey, founder and CEO of the Law Practice Exchange, offers a fresh perspective on how private equity is eyeing law firms as lucrative investments. He discusses the challenges posed by regulations and ABA rules that limit ownership and the strategies firms can adopt to enhance profitability through technology. Lenfestey highlights recent shifts in regulations, particularly in Arizona, aimed at improving access to legal services, and explores how the evolving landscape is pushing firms to adapt to new business models and consolidate for competitiveness.

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.