In this powerful episode of the Lead Counsel Podcast, host Tom Tona of TonaLaw sits down with three of the top minds in law firm succession planning: Jonathan Hawkins, Daniel Feiman, and Ed Alexander. Together, they unpack the real-world strategies behind buying, scaling, and successfully exiting law firms.

Whether you're a solo practitioner wondering if your firm has value, or a multi-state operator eyeing your next acquisition, this episode dives deep into the hard numbers, proven frameworks, and candid advice that can make or break a succession plan.

Key Highlights:

• The difference between a tactical acquisition (buying a book of business) and a strategic acquisition (buying a footprint, brand, or growth machine)

• How to value goodwill in a law firm acquisition, and why cash flow is king

• The truth about SBA financing for firms under $5 million, and how structure affects deal viability

• Common deal killers: unrealistic expectations, ego, and lack of planning

• Why every firm owner should plan for succession—even if they're not ready to exit

• Lessons from real deals, and how successful founders transition out without regret

  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.