Designing a Succession Plan for Your Law Practice: A Step-by-Step Guide for Preparing Your Firm for Maximum Value provides law firm owners with tangible steps for planning their lives after law. While retirement is often an overwhelming thought for law firm owners who have worked so hard to build their businesses from the ground up, Lenfestey and Stell demystify the process with manageable action items for a successful exit strategy while ensuring the maximum value possible. With chapters on Succession Readiness to Life After Law, the book is truly a step-by-step guide and includes checklists, case studies and scripts for having difficult conversations.
Lenfestey and Stell, in their work providing strategic planning, consulting services and brokerage services for law firms, noticed that while many firm owners were focused on growing their businesses, they were neglecting their futures.
“We wanted to show them that it doesn’t have to be either / or,” said Stell. “There was a clear disconnect between the fact that you can be actively working and growing your business while also having a clear succession plan. Having a plan in place can seem distant and intimidating, but it’s entirely necessary and manageable.”
Tom Lenfestey, an attorney, CPA and broker, is the founder of The Law Practice Exchange, the leading law practice brokerage firm. Lenfestey advises and assists law firm owners and through LPE has created the leading marketplace for buying and selling law firms nationwide. Visit the Law Practice Exchange at www.thelawpracticeexchange.com or call 919.789.1931.
Camille Stell is the President of Lawyers Mutual Consulting & Services, a company that works with law firms ranging from solo to mid-size in modernizing their practices, as well as succession and retirement planning. Visit us at www.lawyersmutualconsulting.com or call 800.662.8843.