Nonlawyers and the Purchase of Law Firms – The LeXFactor Briefs

LeX Factor Briefs

Lexicon Brand Manager Lauren Hoffmann and Chief Information Officer Brad Paubel host The LeXFactor Briefs, A Lawfully Good Podcast. In this episode, they are joined by Lexicon Senior Public Relations and Communications Manager Randy Schorfheide to discuss relevant news in the legal industry.

The panel discusses the ability for nonlawyers to purchase law firms and how that may drive more business-minded decisions in the legal industry.

They highlight how switching to legal industry requires time, patience, and the knowledge necessary about both the basics and nuances of the law and state regulations. They talk about how having a company, like ours at Lexicon, assisting in the transition can be beneficial.

Lauren highlights the importance of adapting correctly, if you are the smaller firm being purchased. They discuss the importance of knowing what your firm is worth, as well as what it could be worth, in order to gauge growth.