In this episode, Steve Fretzin and Ed Alexander discuss:

• Challenges and risks in forming and managing law firm partnerships
• Strategic considerations and planning for succession and law firm exits
• The importance of communication, expectations, and alignment in business relationships
• Diversifying marketing and building sustainable value in a law practice

Key Takeaways:

• Many law firm partnerships collapse because they lack a clear strategic purpose, and poor communication during both the honeymoon phase and long term creates conflicts that are nearly impossible to resolve.
• Setting clear expectations early—on contributions, compensation, growth, retirement, and lifestyle philosophies—can prevent disputes where one partner feels undervalued or overburdened.
• Selling or transitioning a law practice requires years of preparation, including transferring goodwill, maintaining referral trust, phasing into an of counsel role, and positioning the buyer as a trusted successor.
• The 2008–2009 global financial crisis showed how fragile referral-dependent firms can be, as many lost business overnight, underscoring the need for diversified marketing, consistent development, and team-based client service.

"Partnerships, it’s interesting, because they’re marriages, right? They’re business marriages, and that’s what they should be called, business marriages." —  Ed Alexander
 

Check out my new show, Be That Lawyer Coaches Corner, and get the strategies I use with my clients to win more business and love your career again.
 

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About Ed Alexander: Ed Alexander is an attorney, author, and founder/CEO of Alexander Business Law, PLLC in Orlando, where he has practiced business law since 1993 after an early career in technology that earned him a U.S. patent. He is the author of several notable works, including The Guide to Selling Your Florida Law Practice, The Guide to Partnerships and Partnership Agreements, and 10 Common and Costly Business Killing Legal Mistakes and How to Avoid Them. He is recognized for professional excellence and community service and has also taught at the University of Central Florida. In his free time, Ed enjoys cycling, kayaking, sailing, hiking, and traveling with his wife of 38 years, Faith.
 

Connect with Ed Alexander:  

Website: https://orlandobusinesslawyer.com/

Email: [email protected]

Books: https://www.amazon.com/stores/Ed-Alexander/author/B0C2QXJG7K

Show: Law Deals: https://podcasts.apple.com/us/podcast/law-deals-succession-planning-partnerships-purchases/id1724776380

LinkedIn: https://www.linkedin.com/in/attorneyedalexander/

Connect with Steve Fretzin:

LinkedIn: Steve Fretzin

Twitter: @stevefretzin

Instagram: @fretzinsteve

Facebook: Fretzin, Inc.

Website: Fretzin.com

Email: [email protected]

Book: Legal Business Development Isn't Rocket Science and more!

YouTube: Steve Fretzin

Call Steve directly at 847-602-6911

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.