Everything You Need to Know about Buying and Selling Law Firms with Tom Lenfestey - Part 1
Curious about how acquiring a law firm can accelerate your own law firm's growth?
Join Moshe Amsel and Tom Lenfestey, founder and CEO of the Law Practice Exchange, as Tom describes the benefits and strategies behind buying a law firm. In this episode, Moshe and Tom dive into the topic of law firm acquisitions, highlighting the importance of starting early and understanding what is being bought, from client relationships to established systems. Tom also unpacks the financial nuances of buying a law firm, including valuation, structured terms, and financing options.
Listen now to explore how acquiring a law firm can be the game-changer your practice needs for growth and profitability!
Episode Highlights
[00:00] Introduction
[05:19] Introduction to Tom Lenfestey
[10:28] Law Firm Growth Strategy: Buying a Firm
[19:30] Brand Recognition - Your Law Firm Name
[22:40] Does the Practice Area Matter?
[31:44] Financial Costs of Acquiring a Law Firm
[42:43] Parting Piece of Advice...
Everything You Need to Know about Retirement Planning
Welcome to another insightful episode of the Profit with Law Podcast! In today's episode, Moshe Amsel is joined by retirement plan expert, Courtenay Shipley, to delve into the intricacies of retirement planning as a business owner. This conversation explores everything from maximizing contributions to 401K plans and passing non-discrimination testing, to the complex world of profit sharing and cash balance pension plans.
Courtenay shares her compelling backstory, explaining how a bad experience with her employer led her to establish her own firm. Together with Moshe, they discuss the competitive landscape of retirement planning, the strategic use of employer contributions, and the crucial role of tax considerations in retirement planning. Small business owners will gain valuable insights on structuring compensation packages to attract and retain top talent, with actionable tips on profit sharing and deferred compensation plans.
Tune in now for actionable insights that could...
How to Boost Your Firmā€™s Profitability through Data-Driven Decision Making with Kate Eberle
How much value do you put on visibility and business operations? These two are essential for sustainable business growth, especially for firms. However, this can be challenging if you don’t have a plan and the proper tools. Fortunately, through consistent tracking, leveraging business intelligence tools, and focusing on critical KPIs, you can make data-driven decisions to enhance operational efficiency.
In this episode, Kate Eberle joins us to talk about the transformative power of business intelligence. She shares valuable insights about understanding your business better and manually monitoring operational processes. Kate also discusses the crucial role of BI in making data-driven decisions that lead to increased profitability.
If you’re seeking practical ways to steer your businesses toward success, be sure to tune in to this episode.
Here are three reasons why you should listen to this episode
- Discover how to enhance efficiency through data-driven decision making.
- ...
What You Need to Know About Bookkeeping for Your Law Firm with Danielle Hayden
Running a law firm is no easy feat. If you aim to grow and scale, it’s not really something you can do alone. Imagine catering to your clients’ inquiries and taking on cases, all while trying to crunch the numbers and make sense of your bookkeeping systems. It sounds tough because it is, but it doesn’t have to be that way. Law firm owners should not shy away from getting the necessary support to achieve their business goals.
In this episode, Danielle Hayden joins us to discuss the significance of accurate bookkeeping in making sound business decisions. Likewise, she shares various systems and services for implementing profitable financial strategies. Finally, she emphasizes the need to seek help to save time and keep your firm running smoothly.
If you’re a solo practitioner or law firm owner learning the ropes of bookkeeping and other accounting systems, this episode is for you!
Here are three reasons why you should listen to this episode:
- Discover...
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Author
Moshe Amsel
Author
Moshe Amsel the host of the Profit with Law podcast is not an attorney. As the owner of a successful accounting firm DreamBuilder Financial and Law Firm Growth coaching organization Profit with Law, Moshe has proven that there are better and different ways for a law firm to do business and be successful.
