In Episode 3 of The New Succession Planning Series on the Lead Counsel Podcast, host Tom Tona, managing Attorney at Tonalaw, dives deep into modern law firm succession planning, private equity opportunities, and how to build an exit strategy that drives long-term value. Featuring a powerhouse panel of legal and business experts—Jonathan Hawkins, Daniel Feiman, and Ed Alexander—this conversation demystifies the process of transitioning out of legal practice while maintaining profitability and legacy.

Whether you're a solo practitioner thinking about winding down or a multi-attorney firm exploring acquisition, this episode outlines the legal, financial, and strategic phases of succession planning. You'll gain clarity on the STEP model (Succession, Transition, Exit Planning), insights into private equity trends in law, and how to identify and negotiate firm valuations—plus, what makes your practice attractive (or not) to potential buyers.

Key Highlights:

• The 3 critical components of succession planning: legal, ownership, and leadership.

• Understanding the STEP model: Succession, Transition, and Exit as a unified continuum.

• Private equity and non-lawyer ownership: what buyers are actually looking for.

• Valuation breakdowns: how to assess goodwill, evergreen marketing, and ongoing case generation.

• Why lawyers are terrible at planning for themselves—and how to fix that mindset.

• Real examples of deals that worked and what made them possible.

• Operational tips for structuring equity transitions, of-counsel roles, and retirement handoffs.

• The difference between an asset sale and a going concern—and how to recognize the value in each.

This episode is a must-listen for lawyers, legal entrepreneurs, and firm managers aiming to future-proof their business and scale with integrity.

Featured Guests:

Jonathan Hawkins Website: Law Firm GC LinkedIn: Jonathan Hawkins

Daniel Feiman Website: Build It Backwards LinkedIn: Daniel Feiman Books on Amazon: Daniel Feiman

Ed Alexander Website: Alexander Business Law LinkedIn: Ed Alexander Books on Amazon: Ed Alexander

Your Host:

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

This podcast is sponsored by TonaLaw.

TonaLaw is not just another law firm. They're defining what it means to fight for their clients. We get a lot of attorney referrals from across the country. We pay fee participation in all jurisdictions where it's permitted. We focus on integrity, innovation and relentless advocacy. TonalLaw is proving that the business of the law can scale without losing its heart. Do you want to see how a modern firm is built for impact and happy client referrals? Check out tonalaw.com mention again the Lead Counsel Podcast and I'm happy to get on the phone with you.

This episode is also brought to you by Meet Gabbi, the voice AI built for law firms. Gabbi answers your phones 24-7, qualifies leads and books consultations so you never miss another client. Imagine cutting intake time in half or giving every caller a five star experience. That's the power of Meet Gabbi. Learn more at meetgabbi.com mention the Lead Counsel Podcast. You can also hit me up and I'm glad to make an introduction to the owner.