Question:
Our firm is an estate planning practice in the suburbs of Washington D.C. We have five attorneys and six support staff working at the firm. During the COVID lockdowns in 2020, and to some extent in 2021, our attorneys
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 5
Law Firm Year End Retreat – Ensuring that the Effort is Worth the Time Investment
Question:
We are a thirteen attorney law firm in San Diego with four equity partners, three income partners, and six associates. We are a business litigation firm and we are in first generation. The four equity partners founded the firm…
Finding and Hiring Law Firm Associate Attorneys During These COVID Pandemic Times
Question:
I am the sole owner of an estate planning firm in Chicago Suburbs. I have three other associates in the firm. Our volume of business has expanded rapidly during the last six months and we desperately need one to…
Law Firm Associate Compensation – Bonuses Based on Hours or Dollars?
Question:
Our firm is an eight-lawyer insurance defense firm in Chicago. We represent insurance companies across the ChicagoLand area representing their insured’s in personal injury cases. Our clients are billed by the hour and we have a wide range of…
Law Firm Succession Planning – Will Your Non-Equity Partners or Associates Simply Wait Your Out?
Question:
I am one of three founding partners in a fourteen lawyer firm in Cleveland, Ohio. We are an insurance defense firm with three founding partners, five non-equity partners, and six associates. We have three primary insurance companies that refer…
Implementing a Non-Equity or Income Partner Tier in a Small Law Firm
Question:
I am the sole owner of a five lawyer firm in Indianapolis, Indiana. The other lawyers are associates. Our firm focuses entirely on estate planning and probate and trust administration as well as elder law. I am 60 and…
How/When to Admit a New Law Firm Partner
Question:
Our firm is a six lawyer family law firm located in the Chicago suburbs. There are two equity partners and four associates in the firm. Approximately five years ago the founder of the firm decided to retire and he…
Law Firm Succession Planning – How Important is a Formal Appraisal Valuation of the Firm?
Question:
Our firm is an eight lawyer litigation firm in Portland, Oregon. We have three founding equity partners in their early sixties and late fifties, three non-equity partners, and two associates. Recently the equity partners began succession planning discussions among…
Law Firm Internal Succession – Non-Equity Partners and Business Development Ability
Question:
Our firm is a twelve-attorney insurance defense firm based in Indianapolis, Indiana. The firm was founded thirty years ago by myself and two other partners. We represent approximately twenty-five insurance companies. Our lawyer headcount consists of three equity partners,…
Law Firm Non-Equity Partner Compensation
Question:
Our firm is a sixteen attorney full-service law firm in Denver, Colorado that works exclusively with small businesses. We have six equity partners five non-equity partners, and five associates. Three of our equity partners serve on the firm’s compensation…