Why Most Lawyers Fail at Succession Planning and How to Avoid It

Episode Description: In this high-impact debut episode of The New Succession Planning Series on the Lead Counsel Podcast, host Tom Tona, founder and managing attorney of Tonalaw, leads a powerhouse roundtable with three nationally respected succession planning experts: Jonathan Hawkins, Daniel Feiman, and Ed Alexander. Together, they break down why law firm succession planning often fails—and how you can protect your life's work and legacy starting today.

This episode is packed with practical advice and strategic insight for solo practitioners and firm owners alike. If you're a lawyer wondering how to exit your firm profitably, protect your family, or transition out of practice smoothly, this episode is for you.

Key Highlights:

• Why the legal industry is notoriously behind on succession planning

• The 3 critical types of succession every law firm must consider

• The psychological and financial traps that prevent lawyers from planning ahead

• Real-world horror stories of lawyers who waited too long

• Tactical advice for lawyers in their 30s, 50s, and beyond

• Step-by-step planning strategies from experts who’ve helped hundreds of firms

• The truth about equity, firm valuation, and what young lawyers really want

Quick Wins You Can Start This Week:

• Designate an inventory attorney

• Buy the right life insurance while you're young and healthy

• Start with your “Out Number” (your target income-generating asset goal)

• Block an hour and visualize your exit goals

• Engage with a proven succession planning roadmap

  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.

  Attorneys, are you looking for a trusted partner for your New York personal injury referrals? Since 2001, TonaLaw has been the go-to New York personal injury law firm for attorneys and law firms across the United States.

  At Tonalaw, we pay legal fee participation to referring attorneys in all jurisdictions where it's permitted. Refer us a case today and experience the TonaLaw difference.

  Call us now to discuss how we can work together at 833-TONALAW or visit us at tonalaw.com. Mention Lead Counsel and you’ll speak directly with Tom.