Question:
Our firm is a two partner general practice firm in Akron, Ohio. I am 70 and my partner is 68 and contemplating retirement in the next few years. There are no other lawyers in the firm. We have two
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.
Latest from Law Practice Management Asked and Answered Blog - Page 2
Law Firm Associate Compensation and Bonuses – Salaries & Fee Production
Question:
I am a partner in a five lawyer firm in Columbus, Ohio. There are two partners in the firm and four associates. Our practice specializes in corporate business law and is one hundred percent transactional. We do not do…
Law Firm Leadership – Responsibility of the Partners
Question:
Our firm is a 14 lawyer firm in St. Louis, Missouri that focuses on small businesses – both transactional and litigation matters. There are eight equity partners, two non-equity partners, and four associates in the firm. We are managed…
Law Firm Partnership – Bringing in a Partner – Issues to Consider
Question:
I am the founder and owner of a business law firm in San Diego, California. There are 9 associates, four paralegals, and three administrative staff members working in the firm. I founded the practice 20 years ago and I…
Law Firm Administrator and Firm Size
Question:
I am the owner of a three attorney law firm in Rockford, Illinois. While we do a lot of business litigation we are primary a general practice firm that serves individual clients. There are two associates in the firm…
Law Firm Succession Planning and Retirement – Coming to Terms with Aging
Question:
I am a partner in a seven lawyer firm in Mesa, Arizona. There are five partners in the firm. We are a boutique business litigation firm that was formed seven years ago. I am 64 and the others partners…
Law Firm Succession Planning – Retire or Continue Working?
Question:
I am a 64 year old lawyer that owns a small general practice law firm in Springfield, Illinois. There are two associates in the firm and two staff members. I have been thinking about retirement and how I should…
Law Firm Talent Management – Acquiring, Training and Retaining Paralegal Staff
Question:
Our firm is a four attorney estate planning firm in Orlando, Florida. I am the owner of the firm and the other three attorneys are associates. We have three paralegals, a bookkeeper, and two administrative assistants. Approximately sixty percent…
Law Firm Management Structure and Governance
Question:
Our firm is a twelve lawyer business law firm in San Antonio, Texas. We handle business transactions as well as ligation. Three of us partners started the firm seven years ago and the firm has grown since then. Currently…
Law Firm Succession – Encouraging Partners to Transition Clients
Question:
I am one of eight partners in a fourteen lawyer insurance defense firm located in Indianapolis, Indiana. Besides the partners there are six associates working in the firm all of which are newbies. The partners ages are 70, 68,…