The Law Practice Exchange helps attorneys plan to grow through acquisition. While buying a law firm can seem daunting, Tom Lenfestey, from The Law Practice Exchange, outlines tips to help lawyers find focus and more easily determine the right path for their firm.
The Law Practice Exchange on Buying a Firm
Tom suggests lawyers start by defining their firm’s goals. Is the firm looking to grow its practice areas? Are they simply looking to expand on their current clientele? Maybe they’re looking to expand geographically? Understanding where the firm wants to go will help focus on the right path to get there.
Next, Tom recommends that lawyers answer a few key questions. Is the firm ready for a purchase? Does it have the infrastructure in place to allow for an acquisition? Is it prepared to onboard new hires? Are the leaders personally ready to take on the added responsibility? Thinking through the firm’s current capabilities will help determine the right timing of any deal.
Finally, has the firm, or its principals, thought about financing? According to Tom, even if the practice doesn’t need outside financing, it’s always good to get an idea of the firm’s capabilities. Firms can do this well before the search for another practice begins.
Interview with Tom Lenfestey of The Law Practice Exchange
Take a look at the demo video below to see the entire interview with Tom.
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