Question:
I am a partner in a fourteen lawyer firm in Des Moines, Iowa with seven equity partners (shareholders) and seven associates. We are a business litigation firm exclusively. The seven equity partners (shareholders) have all been practicing law for
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
Law Firm Acquisition – Acquiring a Founder’s Practice
Question:
I am an associate working in a small family law practice located in Chicago. There are two attorneys in the firm – the owner/founder who is 74 and me. I have been out of law school for seven years…
Estate Planning Firm Needs Help – Should we Hire an Experienced Lateral Associate
Question:
I am the managing partner of a three lawyer estate planning practice in Bloomington, Illinois. I am the sole owner with no partners. The other two lawyers are associates that have been with the firm for several years. (One…
Law Firm Sole Owner Succession and Exit – Top Challenges
I am the founder and sole owner of a business litigation firm in Orlando, Florida. I am 72 and want to retire and exit the practice within the next year. My office lease expires next year and I am
…
Law Firm Operations Management Exception Report
Question:
I am the owner of a five-lawyer estate planning/administration firm in Fresno, California. The other four lawyers are associates in the firm with estate planning and administration experience ranging from one year to ten years. We have three paralegals,…
Law Firm Value – What is a Firm Worth
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…
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…