Question:
I am the owner of an estate planning firm in San Rafael, California. There are two associates in the firm, two paralegals, and two legal/administrative assistants. I am 58 and still going strong and not planning on retiring in
Law Practice Management Asked and Answered Blog
The Law Practice Management Asked and Answered Blog, published by Olmstead & Associates, focuses on practical issues related to managing and operating law firms. It covers topics such as law firm governance and management structures, succession and exit planning, partner compensation, client transition strategies, and business development within law firms. The blog addresses challenges faced by solo practitioners, small firms, and larger partnerships, including leadership roles, administrative delegation, and financial management. It also discusses strategies for selling or acquiring law practices, mentoring associates, and maintaining firm continuity during transitions. The content is aimed at managing partners, firm administrators, and attorneys involved in law firm management and strategic planning.
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Latest from Law Practice Management Asked and Answered Blog
Estate Planning Firm – Flat Fee Effective Rates
Question:
I am the managing owner of a three lawyer estate planning and estate administration firm in Nashville, Tennessee. There are three paralegals, a receptionist, a bookkeeper, two legal assistants, and a firm manager working at the firm. Our estate…
Law Firm Succession and Transition – What is the Best Strategy?
Question:
I am a partner in a three partner firm in Fresno, California. We handle exclusively personal injury plaintiff work consisting of auto accidents, slip and fall cases, premises liability, etc. We do not handle medical malpractice, products liability. or…
Law Firm Owner – Lawyer or Businessperson?
Question:
I am the owner of a three attorney general practice firm in Chicago, Illinois. The other attorneys were recently hired associates right out of law school. We have two legal assistants, one paralegal, and a receptionist/bookkeeper. I manage the…
Law Firm Succession Planning – Client Transition in a Multi-Partner Firm
Question:
Our firm is a 24 attorney firm in Memphis, Tennessee. We have 10 partners – five of which are in their early 60s. We represent small to mid-size business clients. Recently we have been discussing the eventual retirement of…
Law Firm Practice Sale to Another Firm or Merger v.s. Internal Sale to Associates
Question:
I am the owner of a small estate planning firm in Columbus, Ohio. Besides myself there are two associates working in the firm. I am 67 and the associates are in their early-fifties. I am planning on retiring in…
Non-Lawyer Ownership and Investment in Personal Injury Plaintiff Law Firms
Question:
I am a partner in a six-lawyer plaintiff personal injury firm in Indianapolis, Indiana. There are three equity partners and three associates in the firm. We are in our 20th year of practice. The equity partners are in their…
Law Firm Management Structure for a Small Insurance Defense Law Firm
Question:
I am a partner in a eighteen – lawyer insurance defense firm in Houston, Texas. There are ten equity partners and eight associates in the firm as well as an office manager/bookkeeper and six other paralegals/legal assistants. We started…
Law Firm Owner’s Transition and Exit Strategies – Clients and Management Roles
Question:
I am the sole owner of a 20 lawyer litigation firm in Chicago. There are five seasoned non-equity partners and fourteen associates in the firm. I am 63 and trying to figure out what to do with the practice.…
Law Firm Leadership – Midsize & Smaller Firms
Question:
I am a partner in a 30 lawyers insurance defense firm in Phoenix, Arizona. We have 7 equity partners, 10 non-equity partners, and 13 associates. We represent insureds through insurance companies that are our clients and pay our bills.…