The SMB M&A space has cyclical trends: certain industries become hot, spurring interest, increased activity, and heightened multiples. Longtime market observers can point to trends in dental office and home service M&A rollups as clear examples. Our next guest on Private Market Insights believes that law firms will be the next hot M&A industry due to shifting regulation, spurred by changes in California and Arizona. Watch this latest episode in our M&A series, as we talk with Tom Lenfestey, Founder of the Law Practice Exchange. (00:00) Introduction to Law Firm M&A and Market Trends (01:36) Discussing Regulatory Frameworks and Law Firm Acquisitions (07:06) Innovation in Legal Industry (13:53) Understanding Practice Areas in Law Firms (18:49) Ethics and Regulations in Different Markets (21:52) Understanding Your Niche and Buyer Criteria (25:40) Entrepreneurial Lawyers and Succession Planning (28:42) Innovative Business Models and Strategies (31:27) Successful Business Transaction and Transformation (40:59) Audience Question on Social Capital in Acquiring Firms 🔗 Check out the Private Market Labs website: https://privatemarketlabs.com/ 💬 Follow us on Twitter: https://twitter.com/levinejm 🔗 Check out the Law Practice Exchange website: https://thelawpracticeexchange.com/ 💬 Connect with Tom on LinkedIn: https://www.linkedin.com/in/tomlenfestey/