Designing a Succession Plan for Your Firm

The statistics are alarming:

  • 400,000 lawyers in the United States are 62 and older
  • 30 – 40% of actively practicing lawyers are at the age and stage where they are beginning to retire or to contemplate retirement
  • 63% of law firm partners, aged 60 or older, control at least ¼ of their firm revenue
  • Most law firms do not have succession plans in place.

Is your firm prepared for your most active rainmaker to retire? Is recruiting and retention of top talent a challenge because you have not addressed succession? As a solo, do you struggle to identify your successor? This program will guide you through the challenges to succession planning, a deep dive into succession planning, along with best practices for your firm to develop a successful model to transition lawyers and clients through the process. Please join us for a panel discussion with Tom Lenfestey of the Law Practice Exchange and Camille Stell with Lawyers Mutual Consulting as we dive into successful strategies for a smoother transition.

When: Tuesday, September 21, 2021, at Noon CST
Register Here Today

Brenda Barnes CPA, Managing Principal @ B2 Management & Consulting
Brenda has over 35 years of law firm management experience handling the day-to-day operations of very small, to the oversight of the administration of very large law firms. She has a unique perspective on running a legal practice – she understands how to run your company like a business.

Brenda is the past President of Austin-Central Texas Chapter of the Association of Legal Administrators (ALA).

Contact:
bbarnes@b2-mgmt.com | 512-563-3183

Tom Lenfestey
Tom Lenfestey, Attorney and CPA, has been practicing law in North Carolina since 2004. Tom is also the founder and owner of The Law Practice Exchange, a law firm brokerage and lawyer transition planning service. Tom is a frequent author and speaker on the topic of retirement and succession planning.

For many years in his practice, Tom worked with professional businesses by assisting them in ownership transfer and succession strategies. As an attorney and partner in a law firm himself he realized that most lawyers or law firms did not have a plan for transitioning lawyers and the practice ownership they hold when that lawyer is ready to walk away. Additionally, very little knowledge was available to the law firm owners on the options available for ownership transfer, especially when it came to sale of that ownership through internal or outside sale methods. To Tom, this lack of knowledge was hurting lawyers and law firms as compared to other professions who had abundant transfer resources available to help them through planning for retirement, sale or succession of their law practices.

The Law Practice Exchange was created to answer those questions and provide the services needed to promote and help implement ownership transition strategies for lawyers. The Law Practice Exchange has become the national leader in law practice sales and helping attorneys and law firms implement their succession plans. Our goal is to truly show attorneys and law firms that succession planning through an internal or external ownership transfer is achievable and doesn’t have to be something you talk about, but never do.

Tom is also the co-author of Designing a Succession Plan for your Law Practice: A Step-by-Step Guide for Preparing Your Firm for Maximum Value, published 2021, available on Amazon.

Contact:
tom@thelawpracticeexchange.com | 919.789.1931

Camille Stell
Camille Stell serves as President of Lawyers Mutual Consulting & Services. She is a frequent author and speaker on the topics of ethics and professionalism, retirement and succession planning, and law firm trends of the future. Camille assists lawyers with law firm start-up, building modern law firms, and developing succession plans.

Camille serves on the North Carolina State Bar Regulatory Review Subcommittee, as a member of the NC Pro Bono Resource Center Advisory Board, the Advisory Group for the Duke Law Tech Lab and as a Fellow in the College of Law Practice Management.

Camille is also the co-author of Designing a Succession Plan for your Law Practice: A Step-by-Step Guide for Preparing Your Firm for Maximum Value, published 2021, available on Amazon.

Contact:
Camille@lawyersmutualconsulting.com | Direct Dial: 919.447.3354

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