In this high-impact roundtable episode of the Lead Counsel Podcast, host Tom Tona, founder of TonaLaw, is joined by industry experts Ed Alexander, John Hawkins, and Daniel Feiman to tackle the complexities of succession planning for law firms. This is a must-listen for any lawyer, managing partner, or legal entrepreneur considering how to exit their practice, acquire another firm, or prepare for unexpected transitions.

This final installment of The New Succession Planning series is a deep dive into the practical, legal, financial, and emotional aspects of transitioning ownership. The panel answers top questions submitted by law firm owners nationwide, including timing, financing, equity structures, tax planning, and how to ensure clients and staff remain onboard during and after a transition.

What You'll Learn in This Episode:

• Why the best time to start succession planning is now—not five years from retirement

• Strategic use of SBA financing and alternatives like private capital

• Legal structures for partner buy-ins, equity splits, and minimizing tax risk

• Disability vs. life insurance and what happens if a key partner is uninsurable

• How to structure buyout agreements to protect your firm and your family

• Ethical client communication and PR strategies for law firm sales or successions

• Avoiding "brain surgery firm" pitfalls where everything relies on one partner

• Systems vs. relationships: What determines valuation in modern firm acquisitions

• How to keep your practice scalable, sellable, and valuable

• True stories of firm transitions gone right—and wrong

Whether you're an attorney nearing retirement, a rising leader inside a firm, or a lawyer looking to scale through acquisition, this episode delivers tactical insights and real-world experience from some of the legal industry's most trusted succession experts.

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.