In this episode of Lead Counsel, host Tom Tona, Founder and CEO of TonaLaw, is joined by Tom Lenfestey, Founder and CEO of The Law Practice Exchange, to explore one of the most critical—and under-discussed—topics in the legal profession: Succession planning and law firm sales and acquisitions.

With a unique blend of legal and financial expertise, Lenfestey shares how he turned a personal revelation into a national platform for buying, selling, and valuing law firms. Together, the two Toms dig into the deep-rooted fears lawyers face around loss of control and the legacy they leave behind, offering practical insights and action steps for any attorney thinking ahead about their firm's future.

Key Highlights:

• Why law firm succession planning is the legal industry's next frontier.

• What makes a law firm sellable—and how to properly value it.

• How to build systems that reduce owner dependency and increase market value.

• The psychological barriers attorneys face when preparing to exit.

• How The Law Practice Exchange has created a dynamic marketplace for buyers and sellers of law firms.

• How younger attorneys can enter the market faster by acquiring an existing firm.

• The importance of business valuation, deal structuring, and planning early (ideally before age 60).

• Real-world stories of attorneys who exited successfully—and what they did right.

Whether you're building your firm for a future sale or considering your first acquisition, this episode is a must-listen for attorneys who want to treat their practices like the businesses they are.

Featured Guest:

Tom Lenfestey Founder & CEO, The Law Practice Exchange Website: https://www.thelawpracticeexchange.com LinkedIn: Tom Lenfestey

Your Host:

Tom Tona Founder & Managing Attorney, Tonalaw Website: https://www.tonalaw.com LinkedIn: Tom Tona X: @NYPITrialGuy

This podcast is sponsored by TonaLaw.

Attorneys, are you looking for a trusted partner for your New York personal injury referrals? Since 2001, TonaLaw has been the go-to New York personal injury law firm for attorneys and law firms across the United States.

At Tonalaw, we pay legal fee participation to referring attorneys in all jurisdictions where it's permitted. Refer us a case today and experience the TonaLaw difference.

Call us now to discuss how we can work together at 833-TONALAW or visit us at tonalaw.com. Mention Lead Counsel and you’ll speak directly with Tom.