Question:
I am a sole owner of four attorney, including myself, boutique litigation law firm in Chicago. I am fifty-two and looking for a long-term succession strategy for my firm. I have been approached by a large Chicago national firm
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 7
Law Firm Acquisitions – Acquiring a Senior Attorney’s Practice
Question:
I am a partner in a small law firm in Northern Virginia. We are a four attorney firm with two equity partners and two associates. We are interested in acquiring a solo practitioner’s practice that is 60 years old…
Law Firm Administrator Compensation
Question:
I am a member of a three member management committee in a sixteen lawyer boutique litigation firm in downtown Chicago. The firm has been in business for over forty years. We have sixteen lawyers in the firm of which…
Law Firm Marketing – Using Webinars to Market Estate Planning and Probate Services During and Post COVID-19
Question:
Our firm is a four attorney estate planning and probate specialty practice in Fresno, California. We are in our 15th year of practice. In addition to word of mouth referrals from past clients as well as referrals from attorneys…
How are Law Firm’s Doing During COVID-19
Question:
Our firm is a four lawyer estate planning firm in Bakersfield, California. As you know our state has been under stay at home orders for sometime. We have everyone except our receptionist and one attorney working remotely from their…
Law Firm Planning During COVID-19
Question:
I am the managing partner of a fourteen attorney business law transaction and litigation firm in St. Louis, Missouri. Our area is in lock-down as a result of COVID-19 and everyone in our firm except for our receptionist has…
Law Firm Succession and Exit Planning in the Era of Covid-19
Question:
I am the owner of a general practice firm in the Southwest Suburbs of Chicago with four associates and four staff members. I am 66 and was planning on beginning to work on my retirement plan this year and…
Law Firms Working Remotely During Covid-19
Question:
I am the sole owner of an estate planning firm in downtown Chicago with four other attorneys and six staff members. Since we are considered by the state of Illinois to be a necessary business service most of us…
Law Firm Short-Term Succession Planning
Question:
I am the owner of a six lawyer business transnational law firm in South Florida. I have been practicing law for twelve years and I started my present practice nine years ago. I am 42 years old. The five…
Law Firm Marketing – Internet Strategy Crucial to Retail Practices Such as Family Law and Estate Planning
Question:
I am a family law practitioner in the western suburbs of Chicago. I have been in practice for thirty years. I have two associate attorneys and two staff members. In the past I had other partners but that was…