The Law Practice Exchange

10/16/2026

In case you missed it, Tom Lenfestey and Chelsea M. Williams of Profit Kept teamed up to deliver some financial housekeeping advice for law firm owners. And even if you aren't ready to sell, there are things you can be doing right now to maximize your profits and transform your firm from a burden into a business.

Watch the replay now on YouTube:

A walk through the deal with Chelsea Williams (Profit Kept) and Tom...

10/16/2026

Selling your law firm may end one chapter.

But what if you want to practice again, advise another firm, or pursue a new opportunity?

That's where post-sale restrictions can become an important part of the conversation.

A buyer wants to protect the value they're acquiring - particularly the firm's goodwill and client relationships.

A seller, meanwhile, needs to understand how the deal could affect their options after closing.

And for law firms, this isn't simply a standard business non-compete question.

Professional conduct rules and applicable state law can affect what restrictions are permissible, making careful legal review especially important.

The goal is to understand those boundaries before the agreement is signed, not after the seller decides what they want to do next.

At The Law Practice Exchange, we help law firm owners think through the business and transition considerations of a sale alongside their legal and tax advisors.

Book your strategy call:
https://meetings.hubspot.com/carrie-joyce/lpe-15-minute-strategy-call

10/15/2026

How much of your law firm's value depends on you?

It's an important question for every firm owner, especially when thinking about growth, succession, or an eventual sale.

At the 2026 Solo & Small Firm Conference, hosted by Lawyers Mutual of North Carolina, Tom Lenfestey discussed why reducing owner dependency is an important part of building a more transferable practice.

Sometimes, the changes that make a firm more valuable also give its owner more freedom.

Here's another quick takeaway from Tom's session!

10/14/2026

Are "rule of thumb" multiples distorting your law firm's true value?

Everyone has a number in their head of what they think their business is worth. But when you look under the hood and conduct an honest financial assessment, your true multiple might surprise you.

Tune in to The Exchange with Tom Lenfestey to hear us chat with our very own Brenda Barnes.

10/14/2026

Join Tom Lenfestey of LPE, Jonathan Hawkins of Law Firm GC, and special host Jeff Hughes of Sterling Lawyers for Dealmakers Live—a real talk webinar where industry experts examine the most innovative topics in legal M&A.

10/14/2026

Your law firm sells for $2 million.

Does that mean $2 million lands in your bank account on closing day?

Usually, there's more to the story.

The purchase price is only the starting point. Existing debt, transaction expenses, taxes, and the structure of the consideration can all affect what the seller ultimately receives—and when they receive it.

A portion of the price may also be deferred through a seller note, earn-out, escrow, or holdback rather than paid in cash at closing.

That's why two deals with the exact same headline price can create very different financial outcomes for the seller.

When you're evaluating an offer, don't stop at “What's the purchase price?”
Ask: “What do I receive, when do I receive it, and what has to happen before I receive the rest?”

At The Law Practice Exchange, we help law firm owners understand the full economics behind the offer, not just the number at the top.

10/12/2026

When it comes to valuing your law firm, getting compensation right matters. Listen to Tom Lenfestey and Brenda Barnes' latest insights on The Exchange, available on all podcast platforms right now. https://youtu.be/8sRdK-eeFHs

10/12/2026

A buyer isn't just purchasing your law firm.

They're taking over a business that needs to keep operating on Day One.

Payroll still needs to be met. Vendors still need to be paid. Operating expenses don't stop simply because ownership changed.

That's where working capital can become part of the transaction.

Depending on the deal structure, a buyer may want an agreed level of working capital available at closing so the firm has sufficient resources to continue operating without an immediate cash shortfall.

For sellers, this matters because assumptions about what stays in the business and what can be taken out before closing can affect the economics of the deal.

It's a detail that's easy to overlook when everyone is focused on purchase price.

But a successful transaction isn't only about transferring ownership.

It's about making sure the business can operate the morning after closing.

At The Law Practice Exchange, we help law firm owners understand the deal mechanics that can shape what they ultimately walk away with.

Book your strategy call:
https://meetings.hubspot.com/carrie-joyce/lpe-15-minute-strategy-call

10/09/2026

Your law firm’s financials may make sense to you. But would they make sense to a buyer?

That’s the conversation we’re having on October 14th.

Tom Lenfestey is joining Chelsea Williams, Founder & CEO of Profit Kept, for a live webinar on Financial Housekeeping for Law Firm Owners Preparing to Grow or Sell.

They’ll get into the financial questions that become increasingly important as a firm grows or approaches a potential transition from understanding SDE vs. EBITDA to getting financial records buyer-ready and knowing which KPIs can influence how a law firm is evaluated.

If selling is somewhere in your future or you simply want a clearer understanding of the financial health of the firm you’re building - join us.

October 14th, 2026 | 1:00 PM EST
Save your spot here: https://www.linkedin.com/events/financialhousekeepingforlawfirm7508175809040523264/

10/07/2026

Your law firm sells for $2 million.

Does that mean $2 million lands in your bank account on closing day?

Usually, there's more to the story.

The purchase price is only the starting point. Existing debt, transaction expenses, taxes, and the structure of the consideration can all affect what the seller ultimately receives - and when they receive it.

A portion of the price may also be deferred through a seller note, earn-out, escrow, or holdback rather than paid in cash at closing.

That's why two deals with the exact same headline price can create very different financial outcomes for the seller.

When you're evaluating an offer, don't stop at “What's the purchase price?”
Ask: “What do I receive, when do I receive it, and what has to happen before I receive the rest?”

At The Law Practice Exchange, we help law firm owners understand the full economics behind the offer, not just the number at the top.