Law Deals: Succession Planning, Partnerships, Purchases, and Sales

In this episode of The Law Deals Podcast, I sit down with Daniel Feiman, founder of Build It Backwards, to explore a proven five-phase framework for effective law firm succession planning. Drawing on decades of experience and work with more than 100 firms, Daniel breaks down why most succession plans fall short and how his structured yet adaptable system helps firm owners safeguard their legacy and maximize their firm’s value. From identifying and developing successors to navigating those tough partnership conversations, this episode bridges the gap between theory and practical execution. Daniel and I dive into the real-world challenges behind partner miscommunication, transition strategy, and the importance of early, intentional planning, so you can stay in control of your future and your firm’s legacy. Whether you’re a solo practitioner or a managing partner, this conversation offers actionable insights and a powerful mindset shift—from “we’ll figure it out someday” to designing a future you can be proud of.

Most lawyers know they should have professional liability insurance—but few truly understand what it actually covers, when it applies, or how it protects them as their firms evolve. In this episode of The Law Deals Podcast, I sit down with attorney Peggy Hewitt, Resources and Services Manager at Florida Lawyers Mutual Insurance Company, to demystify professional liability (errors and omissions) coverage for law firms. A former trial lawyer and law firm partner herself, Peggy brings firsthand experience from both sides of the profession—practicing law and protecting those who do. We discuss what lawyers often overlook about “claims-made” professional liability insurance policies, how tail and nose coverage protect you during retirement or firm changes, and why partnership agreements must address insurance obligations. If you’re planning to grow, transition, or exit your firm, this conversation will guide you in protecting your practice, reputation, and peace of mind.

Too many law firms spend heavily on ads, SEO, or the “latest marketing trend” without first laying the groundwork for success. The result? Burned budgets, scattered strategies, and frustration when the phone still doesn’t ring. In this episode of The Law Deals Podcast, I sit down with Carrie Flynn, founder of Virtual Simplicity and a marketing strategist for professional service firms, to cut through the noise. Carrie shares her journey from classroom teacher to trusted advisor for attorneys, financial planners, and consultants, helping them design marketing systems that actually work. We dig into the mistakes that drain law firm marketing budgets, the importance of defining your ideal client, and how to craft a message that resonates with the right people. We also explore the balance between being the “face of the firm” and building scalable systems that increase your firm’s long-term value. If you’re ready to stop guessing with your marketing and start building a strategy that generates consistent, qualified leads, this conversation will show you the path forward.

In this episode of The Law Deals Podcast—the second in our two-part series with attorney Jonathan Hawkins, founder and managing partner of Law Firm GC—we shift the focus to indirect ownership of law firms and the growing role of management and legal service organizations. Jonathan and I explore how private equity structures deals to acquire everything but the practice of law itself, relying management agreements to control staffing, marketing, billing, and back-office functions. We break down the ethical challenges under Rule 5.4, the risks of fee-sharing through service arrangements, and why control, whether actual or effective, is the central issue regulators are watching. Whether or not you ever interact directly with private equity, these indirect ownership models are shaping the competitive landscape and influencing how law firms attract capital, structure succession, and plan for the future.

In this episode of The Law Deals Podcast, the first in a two-part series, I’m joined by attorney Jonathan Hawkins: founder and managing partner of Law Firm GC. Together, we explore one of the most significant shifts facing the legal industry: the rise of private equity in law firms. We break down the two primary models of investment: direct ownership and indirect ownership, and the ethical rules that stand in the way of non-lawyer participation under Rule 5.4 and state bar regulations. Jonathan explains how Arizona’s Alternative Business Structures have opened the door, why states like Texas and Florida are holding firm, and how multi-state firms and local counsel arrangements create complex challenges. For lawyers and law firm owners, the implications are clear: private equity may already be your competition, and modernization isn’t optional, it’s the key to creating value and resilience in your firm. This conversation lays the foundation for Episode 33, where we will turn to the equally important issue of indirect ownership and its impact on the future of law firm structure and competition.

From Chaos to Cash-Out: How One Attorney Turned a Century-Old Firm Into a Practice that Served Her and a Successful Exit. What happens when a tech-savvy attorney walks into a law firm that's been doing things "the old way" for decades? In this episode of Law Deals, attorney-entrepreneur Jennifer Bondy reveals the dramatic transformation that turned one of her county's oldest, most traditional law firms into a systemized, technology-driven powerhouse and positioned it for a lucrative sale. Through strategic process improvement, cutting-edge automation, and game-changing practice management tools, she built a machine of consistency and accountability that resulted in her successful and profitable exit. Jennifer cracked the code on turning operational excellence into exit excellence. If you're ready to start building a valuable asset that serves you, this episode is for you.

The Law Deals Podcast celebrates its 30th episode with an important conversation between host Ed Alexander and financial advisor Jennifer Lee. Together, they explore the realities of preparing for life after law firm ownership, from tax strategies and installment sales to the psychological shift that comes with stepping away from the practice you built. Jennifer shares practical advice for reducing financial concentration in the firm, using tools like cash balance plans, and creating a "business love letter" to guide your family and team if something happens to you. This milestone episode also looks at how firm owners can avoid the most common financial mistakes and start planning years before they sell. Ed and Jennifer draw on decades of experience to help lawyers understand what it takes to exit on their own terms while protecting their wealth and their legacy. Find more from Jennifer here: https://modern-wealth.com/ https://www.linkedin.com/in/jennifer-lee-awma%C2%AE-aif%C2%AE-1b5aa56/

In this episode, Ed Alexander talks with Ashley Robinson, founder of Green Cardigan Marketing, about what makes a law firm marketable, both to clients and to potential buyers. Ashley shares her journey from a one-person side hustle to leading a full-service agency working exclusively with law firms. Her background in niche marketing and her family’s entrepreneurial roots give her a unique perspective on helping firms move from unpredictable referrals to reliable, diversified lead generation. Ashley breaks down how law firms can build multiple marketing channels tailored to their practice area, audience, and goals. She explains why SEO and video marketing are critical, how to position your firm as more than a commodity, and what to do now if you're thinking about selling your practice in the next 1 to 10 years. She also addresses a common question from lawyers preparing for a sale: Should I take my name off the firm? Her advice is practical, experience-based, and focused on what actually helps grow firm value. If you’re wondering how to turn your reputation into an asset that supports a sale, or just want to stop relying entirely on referrals, this episode is worth your time. Find more from Ashley here: https://www.linkedin.com/in/ashleyrobinsongcm/ https://greencardiganmarketing.com/

In Episode 28 of The Law Deals Podcast, Ed Alexander and his business partner Matt FitzGibbon unpack the hidden clause that can quietly destroy the value of a business or derail an exit. They’ve seen it in law firms, medical practices, and small businesses alike: a partnership agreement written years ago with no connection to today’s reality. This episode dives into how outdated or vague valuation terms, like book value or fixed buyout amounts, can lead to partners being massively underpaid. Ed and Matt also break down the differences between book value, fair market value, fair value, and most probable selling price, and explain why clarity matters long before a buyout, death, or dispute. If you’ve got a partnership agreement (or plan to), this one is essential. You can find more from Matt FitzGibbon & FitzGibbon Alexander, Inc. at: https://FitzgibbonAlexander.com/

On this episode of The Law Deals Podcast, Ed Alexander sits down with Steve Fretzin, one of the legal industry’s most sought-after business development coaches. With over 17 years of experience helping attorneys build sustainable practices, Steve shares how “sales-free selling” can transform the way lawyers engage with clients, by focusing on relationships, diagnosis before prescription, and non-pushy, process-driven methods. The conversation covers everything from overcoming imposter syndrome to creating scalable systems that increase both profitability and the future salability of a practice. Steve also dives into insights from his interviews with top rainmakers, the mindset shifts lawyers need to take control of their careers, and what it really takes to move from being the practice to building a firm. Whether you’re looking to grow your book or prepare your practice for transition, this is an episode not to miss. Find more from Steve Fretzin: https://fretzin.com/ https://www.linkedin.com/in/stevefretzin/

In this episode of The Law Deals Podcast, host Ed Alexander sits down with Ed Randall, Vice President and SBA Development Officer at United Community Bank, to unpack the crucial role of SBA lending in law firm sales, acquisitions, and succession planning. With over 20 years in SBA lending and personal experience as an entrepreneur, Randall offers an insider’s perspective on how SBA loans work, what lenders really look for, and how to avoid common financing pitfalls. Together, they demystify SBA 7(a) and 504 loan structures, recent changes in SBA regulations, and what both buyers and sellers can do to streamline transactions and boost firm value. Whether you're looking to buy a firm, expand your footprint, or prepare your practice for sale, this episode offers actionable advice to help you navigate the lending landscape with clarity and confidence. Find more from Ed Randall and United Community Bank here: https://www.linkedin.com/in/ed-randall-26987b13/ https://www.linkedin.com/company/unitedcommunity/

In this episode of The Law Deals Podcast, Ed Alexander welcomes Attorney and Atticus Principal Steve Riley for an insightful conversation about the emotional, operational, and strategic realities of selling a law firm. Drawing from his experience building and selling multiple practices, Steve shares five critical lessons every law firm owner should learn before planning their exit. From avoiding the "hero trap" to understanding buyer psychology, Steve offers practical guidance rooted in real-world transitions. Listeners will hear how to build a practice designed for a future buyer, streamline operations for profit, and navigate the identity challenges that often follow a sale. With humor, candor, and decades of experience, Steve makes the case that creating a firm that serves your life, and not the other way around, is not only possible but necessary for a successful transition. Find more from Steve & Atticus here: https://atticusadvantage.com/podcast/

In Episode 24 of The Law Deals Podcast, Ed Alexander welcomes leadership coach and practice advisor Glenn Gutek for a compelling conversation on what it really takes to build a sustainable, sellable law firm. Drawing from his unique background in psychology, theology, and organizational development, Glenn unpacks how culture is shaped from both the top down and the bottom up, and why many law firm owners overlook the critical role of informal mentoring and shared worldview in succession planning. They explore how everyday leadership decisions, not just lofty mission statements, determine whether a firm thrives without its founder or collapses in their absence. The episode also dives into the dangers of chasing top-line revenue at the expense of profitability, the psychological traps lawyers fall into when avoiding tough financial truths, and how life’s “wake-up calls” can be used to trigger real transformation; if we’re honest enough to face them. Glenn and Ed blend humor, philosophy, and hard-won insight to deliver a thought-provoking discussion full of practical takeaways for lawyers thinking about leadership, legacy, and letting go. https://atticusadvantage.com/team/glenn-gutek/ https://awakeconsulting.com/glenn-gutek/

Bill Umansky, better known as “The Law Man,” joins Ed Alexander for a wide-ranging conversation that cuts through the noise of law firm leadership. Bill shares how he went from high-conflict, high-control attorney to someone who embraces delegation, emotional intelligence, and long-term strategic growth. From losing his first trial to transforming his DISC profile, Bill reflects on the moments that reshaped his personal and professional life. He opens up about the power of mastermind groups, the harsh (but helpful) advice that finally got him to hire a CFO, and why building bridges with former employees is one of the smartest business decisions a law firm owner can make. This is a raw, honest, and occasionally hilarious episode filled with hard-earned wisdom and practical takeaways. You can find more from The Law Man at https://thelawman.net/.

Valuing a law firm isn’t just about the numbers—it’s about understanding risk, goodwill, and transition planning. In Episode 22 of Law Deals, host Ed Alexander is joined by longtime partner and valuation expert Matt FitzGibbon to break down the complex world of law firm valuation. Together, they discuss the key differences between personal and enterprise goodwill, common misconceptions that lead law firm owners astray, and how to mitigate risk to maximize a firm’s sale value. They also explore the impact of deal structures, client retention strategies, and the red flags that make buyers hesitate. Whether you’re preparing for succession in the next few years or simply want to increase your firm’s market value, this episode is packed with insights that will help you make informed, strategic decisions. https://fitzgibbonalexander.com/

What happens to your business when you’re no longer able to run it? Whether you’re a law firm owner or an entrepreneur, estate and succession planning should be a top priority—but too often, it’s overlooked until it’s too late. In this episode of The Law Deals Podcast, I sit down with estate planning and elder law expert Peggy Hoyt to discuss the critical role of succession planning in securing both personal and business legacies. With decades of experience and a passion for educating clients, Peggy shares how she built her firm with long-term stability in mind, the biggest pitfalls business owners make, and why a handshake agreement isn’t a plan. We also explore her work with Animal Care Trust USA and how she turned a passion for pet protection into a successful nonprofit. If you’re a business owner thinking about the future—or even if you’re not thinking about it yet—this episode will give you the insights you need to start planning now. You can find more from Attorney Hoyt at https://hoytbryan.com/ or at (407) 977-8080.

What makes a law firm valuable to a buyer? Many firm owners believe their years of dedication, client relationships, and reputation will automatically translate to a high valuation. But when buyers approach a sale purely as an acquisition of case inventory, it can be a harsh reality check. In this solo episode of the Law Deals Podcast, Ed Alexander explores what truly drives law firm acquisitions. He breaks down the mindset of two key types of buyers—strategic and financial—and explains how their perspectives shape the way they evaluate a firm’s worth. Strategic buyers are looking for opportunities to expand, integrate new systems, or enhance their existing practice, while financial buyers focus on profitability, cash flow, and whether a firm can operate independently of its owner. Understanding these dynamics can make all the difference in how a firm is positioned for sale. Whether you’re considering selling your practice or simply want a clearer picture of what makes a law firm attractive to buyers, this episode will provide valuable insights.

Can your law firm generate income long after you step away? In this episode of the Law Deals Podcast, Ed Alexander speaks with Mark Powers, the founder and president of Atticus, about the Perpetual Law Firm model. Mark has spent decades coaching attorneys on practice management, marketing, and law firm growth. He shares his insights on how to build a firm that operates independently, allowing owners to step back without sacrificing profitability. During the conversation, Mark explains why traditional succession plans often fail and introduces the CEO Model as an alternative. He and Ed discuss the key elements that make a law firm a valuable, income-generating asset, the importance of separating an owner's salary from firm profits, and strategies for structuring a firm that can sustain itself over the long term. If you are interested in creating a practice that thrives without being dependent on you, this episode offers valuable strategies and insights. https://atticusadvantage.com/

In the 18th episode of the Law Deals Podcast, host Ed Alexander welcomes Tim Semelroth, a board-certified personal injury attorney and partner at RSH Legal. Tim shares his journey of acquiring law firms to grow his practice, including the challenges, lessons, and opportunities he encountered along the way. Discover the crucial steps in the acquisition process, from performing due diligence to leveraging hidden assets like mailing lists, goodwill, and staff expertise. Plus, learn how Tim uses community-based marketing to establish meaningful connections and amplify his firm’s brand. Find more from Tim at https://www.fightingforfairness.com/ and more on the Mock Trial program at MockTrial101.com.

In this episode of The Law Deals Podcast, host Ed Alexander welcomes Joy Lutz, CPA and owner of Aligned CPA, a firm dedicated to helping law firms and small to medium-sized businesses thrive through strategic financial management. Together, they dive into the financial strategies every law firm owner needs to know, from identifying critical financial metrics to leveraging them for growth and long-term success. Joy shares insights on how law firm owners can turn their financial statements into powerful decision-making tools, avoid common pitfalls in trust accounting, and plan for the future—whether it's growth, succession, or sale. With actionable advice and relatable anecdotes, this episode is a must-listen for attorneys seeking to elevate their financial acumen and build a thriving practice. Joy & Ed also recommend listeners pick up "Simple Numbers" by Greg Crabtree. Find more from Joy and Aligned CPA here: https://alignedcpa.com/

In episode 16 of the Law Deals podcast, we’re diving deep into the lawyer life—how to grow a thriving law practice without sacrificing your sanity. Host Ed Alexander chats with Patrick Wilson, a 25-year veteran law firm coach and consultant with Atticus. Together, they explore the art of balancing success at the office with personal fulfillment. Patrick’s transformation from trial attorney to practice consultant offers an inside look at the hidden costs of poor time management and practical ways to fix it. They delve into why many law firms struggle to transition leadership and share actionable insights on how to get it right. Whether you’re a managing partner, a solo practitioner, or dreaming of your next career move, this episode is packed with insights to help you build a firm you love showing up to every day, prep your team for long-term success, and get back to what really matters—your life outside of work. Join us for this honest conversation about law firm leadership and client service. Don't miss Patrick's tips for making your practice work for you!

In this episode of The Law Deals Podcast, we chat with Tom Tona, the founder and CEO of Tona Law. Tom takes us through his journey from solo attorney to CEO, sharing the challenges, insights, and strategies he used to build a firm that’s built to last. He discusses the importance of process, relationships, and a “trial model” approach to personal injury law, and why he believes every attorney should treat their practice as a business asset. Tune in to hear about his succession planning strategies, insights on coaching, and why letting go is often the best way to grow.

In episode 14 of The Law Deals Podcast, Ed Alexander sits down with Darren Wurz, the Managing Partner of Wurz Financial Services and host of The Lawyer Millionaire podcast. Together, they explore the intricacies of financial planning for law firm owners. Darren shares insights from his journey from teacher to financial advisor, explains the importance of niche marketing, and offers a look into his innovative subscription-based advisory model tailored for law firms. Tune in to hear valuable tips on balancing personal and business cash flow, the value of recurring revenue, and key steps to creating a sustainable law practice. Whether you're considering succession planning, building a more independent firm, or looking to avoid burnout, this conversation offers actionable strategies for every law firm owner. Don’t miss this engaging episode full of stories, strategies, and practical advice that will inspire you to rethink how you manage and grow your law firm! Visit thelawyermillionaire.com for more resources.

In this episode of the Law Deals Podcast, host Ed Alexander interviews Charley Mann, a law firm coach and founder of Law Firm Alchemy. Charley shares his unconventional journey from theater major to law firm entrepreneur, highlighting the essential strategies for building a successful and profitable law practice. The discussion covers key principles like consistency in marketing, maximizing the highest and best use of time, and understanding the financial aspects of running a firm. Charley also emphasizes the importance of balancing the desire to serve clients with the need to generate profit. Additionally, listeners are introduced to Charley's free referral playbook, designed to help law firms grow their client base, available at lawfirmalchemy.com/referrals.

In this episode of the Law Deals podcast, Attorney Ed Alexander sits down with Brian Glass from Great Legal Marketing. They explore Brian's journey in the legal field, discussing the significant milestones and challenges he faced along the way. Ed also shares his expertise on succession planning for law firms, offering practical advice on how to secure the future of legal practices. This conversation delves into the strategies and experiences of two seasoned professionals, providing listeners with valuable insights and actionable tips for their own legal careers. Tune in for an engaging and informative discussion on how to Create the Firm of Your Dreams. For last years Great Legal Marketing summit notes, please visit GLMSummitNotes.com

In this episode of the Law Deals podcast, Attorney Ed Alexander hosts Jonathan Hawkins of Law Firm GC to explore the ethical concerns of law partnerships. They discuss the critical issues that partners face, including conflicts of interest, maintaining client confidentiality, and upholding professional standards. Jonathan brings his extensive experience to the conversation, offering valuable insights and practical advice on navigating these complex ethical landscapes. This episode is a must-listen for anyone interested in the ethical foundations of successful law partnerships. https://www.yourlawfirmgc.com/

Join us for Episode 10 of the Law Deals Podcast, where we chat with Victoria Collier, a seasoned attorney and entrepreneur. Victoria began her career in the Air Force before opening her own law firm straight out of law school, eventually pioneering Veterans Benefits for Seniors in elder law. She ran her successful firm for 18 years, then strategically sold it to focus on new ventures. In this episode, Victoria shares her journey from building to selling her firm, and the strategic moves that made her firm both valuable and salable. She’ll also discuss her current work, coaching attorneys on how to effectively grow and potentially sell their firms. Whether you’re looking to scale your practice or plan an exit, Victoria’s insights are invaluable. Tune in to learn how to position your firm for success, and find more from Victoria at https://quidproquolaw.com/.

In the ninth episode of The Law Deals Podcast, host Ed Alexander sits down with Attorney Jordan Ostroff, a dynamic figure in the legal field whose career trajectory took a fascinating turn from state attorney to law firm owner. Jordan shares the story of his transition, offering listeners an intimate look at the challenges, surprises, and ultimately, the rewards of purchasing and revitalizing a law firm. Tune in to explore the complexities and triumphs of buying your own law firm through Jordan’s narrative. Join Ed and Jordan for a conversation that's as educational as it is encouraging, shedding light on the possibilities that await beyond the traditional legal career paths.

Join us in Episode 8 of the Law Deals podcast with your host, Ed Alexander, as we delve into the crucial topic of The Conversation when selling your law firm. This episode explores the vital dialogue every firm owner must initiate with their associates when considering the sale of their practice. Ed Alexander navigates the complexities of this conversation, highlighting the importance of transparency, clarity, and sensitivity in addressing the concerns and aspirations of associates. From aligning expectations to fostering a culture of trust and collaboration, this episode equips both firm owners and associates with the tools needed to navigate the transition process smoothly. Tune in to Episode 8 of the Law Deals podcast with Ed Alexander, and discover the essential steps to initiate "The Conversation" that will shape the future of your law firm.

In this enlightening episode of "Law Deals," we delve into the intricate world of goodwill in the legal industry, an asset as intangible as it is valuable. As we unpack the essence of goodwill, we explore its critical role in the valuation and success of law firms and businesses alike. Discover how goodwill, often hidden in plain sight, can significantly impact a firm's reputation, client loyalty, and ultimately, its market value. We tackle the complex questions surrounding the quantification of goodwill and the legal frameworks that govern it. From the ethical considerations in its transfer to the strategic decisions behind its enhancement, this episode is a deep dive into the intangible yet indispensable asset that can make or break a law firm's legacy.

Unlock the Secrets to a Successful Strategy with Episode 6 of the Law Deals Podcast, hosted by Ed Alexander. In 'How Your Firm Compensation Can Crater Your Exit,' Ed dives into the crucial yet often overlooked aspect of employee compensation and its pivotal role in your firm's future. Learn from industry experts about designing a compensation plan that not only motivates your team but also secures the sustainability of your practice. Discover the common pitfalls to avoid and walk away with actionable strategies that align with your firm's goals. Whether you're planning to retire, sell, or pass on the reins, this episode is your guide to ensuring a smooth and profitable transition. Transform your firm's exit strategy from daunting to doable with Episode 6 of the Law Deals Podcast.

In the fifth episode of the Law Deals podcast, titled "The Need for a Second Act," we tackle the crucial yet often overlooked aspect of succession planning for legal professionals: what comes after selling your law firm. This episode emphasizes the importance of having a post-retirement plan, exploring the diverse opportunities and challenges that come with stepping away from a lifelong career in law. We discuss how to prepare for this significant life transition, ways to find purpose and fulfillment beyond the legal sphere, and strategies to ensure a smooth and rewarding shift into your 'second act.' Whether you're nearing retirement or just planning ahead, this episode is a must-listen for anyone contemplating life after their legal career.

In this episode of the Law Deals podcast, "Three Types of Law Firms," we delve into the distinct landscapes of the legal world: process firms, relationship firms, and 'brain surgery' firms. This episode provides a comprehensive overview of each type, highlighting their unique characteristics, operational models, and market positioning. We explore process firms known for their efficiency in handling routine legal matters, relationship firms that build their practice on strong client connections, and 'brain surgery' firms recognized for tackling highly complex, specialized legal issues. Join Ed Alexander as he discusses the advantages, challenges, and business strategies of each firm type.

In the third episode of the Law Deals podcast, titled "Associate Made Partner," we delve into the journey of making an associate a partner in your law firm. This episode offers an in-depth look at the challenges and pivotal moments for an attorney looking to bring on a new partner, and why you need the right Partnership Agreement to protect your assets.

In this episode titled 'Four Ways to Exit,' we explore the various pathways for transitioning out of your law practice. Whether you're considering retirement, looking to pass on the torch, or seeking new ventures, we break down four primary exit strategies you can employ when exiting your firm. Ed Alexander discusses the advantages, challenges, and key considerations for each option, providing valuable insights for law professionals at any stage of their career. Tune in to discover the best exit strategy for your situation and how to implement it seamlessly.

In the inaugural episode of the Law Deals podcast, we dive in with Attorney Ed Alexander as he introduces himself, delves into the origins of Alexander Business Law, and gives a tantalizing preview of the diverse and engaging legal topics that Law Deals will explore in upcoming episodes.