Last week, I had the pleasure of sitting down and chatting with Tom Lenfestey, Managing Member of The Law Practice Exchange, LLC. What I found out from Tom is that he and his staff offer a much needed service to lawyers, law firms, and other professionals throughout the state of North Carolina.
Ever wondered about retirement? Could you sustain the value in your firm and provide ethical representation of clients if you simply wanted to work a bit less and play a bit more? Could you make money from selling your firm or a portion of it? Could you transition to a truly virtual practice? Is there some way to structure a transition so you continue in a mentoring or counseling role, with your practice generating income into your retirement years? As I began talking to Tom, who is an attorney and a CPA, I came to realize that there were more ways to structure a transition, and more kinds of transitions for that matter, than I had ever known or even thought about before.
Tom’s legal practice has traditionally focused on creating, advising and implementing strategic business and estate plans for his clients. Tom came to recognize the lack of knowledge, attention and options that were provided in the legal profession to attorneys for their own practices, specifically in the realm of succession planning and other transition or exit opportunities.
Tom’s driving principles are as follows:
As a result and a belief in the need to increase understanding and promoting options for lawyers looking for exit or growth options through the transition market, Tom formed The Law Practice Exchange. The Law Practice Exchange aims to curb this lack of knowledge in the profession by educating and advising attorneys on the number of different options available in the legal marketplace and also serving as a confidential advisor to seek and provide connections for those right opportunities between an exiting attorney and a growth-focused attorney or firm.
The Law Practice Exchange provides value-focused options to:
- Preserve client goodwill
- Provide value-based exit strategies
- Promote mentorship between senior and junior attorneys
- Provide alternative growth options for law practices
- Ensure continuous service to legal clients
- Prepare practices for change and transition
- Consult and advise on additional practice strategies for attorneys
Tom offers much more than just brokerage services or legal match-making services. He also helps lawyers find and enhance the value in their firms as they journey through transition. Some of the strategies he employs would be beneficial in any practice, even if you are not looking to transition immediately. His services are confidential and he’s an accredited business intermediary.
So, what’s your next step?
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