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Greetings!
Welcome to Olmstead & Associates Law Practice
News, a law practice management resource for
practicing attorneys, managing partners,
administrators, and others that must keep updated on
all aspects of law firm management.
Our Law Practice Management E-Newsletter is distributed on the first Wednesday of each month. Look for it and send us your emails with your ideas for topics that you would like covered. I wish to thank those who take the time to email me with their thoughts and comments. I encourage our readers to do so.
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| Partner Compensation Metrics: What Is Important - What Matters |
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Billable hours alone is a poor indicator of associate or partner performance and you should include more measures/metrics in the analysis. More and more law firms today realize that partner contribution and value goes beyond and involves much more than "billable hours" and their compensation systems incorporate other factors into the analysis. Billable hours is just one metric in the overall equation.
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Read on . . . |
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| Characteristics of Successful Law Firms: Basic Building Blocks - Block Seven - Marketing |
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Last month we continued our discussion on the topic of Characteristics of Successful Law Firms and focused on client service as a building block. The seventh and final basic building block is Marketing. Successful firms actively and consistently market their firms and have effective marketing programs in place.
Gone are the days when attorneys simply practiced law. Today, they face increased competition, shrinking demand for services and increasing supply of professional talent, availability of service substitutes, and marketing of professional services. Marketing can no longer be ignored if small law practices are to survive in the future.
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| Solo-Small Firm Question of the Month - Times Are Tough - How Are Other Firms Doing? |
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Question Our firm has started having discussions about what we need to be doing differently. This is huge for us - one meeting a year is our typical meeting frequency and then only to discuss how we are going to cut the pie. How have other firms done during the recession? What are you seeing?
Answer: Small firms that have weathered the storm and fared the best were those that:
- Were focused
- Had a sense of where they were and where they were heading
- Had a vision and a strategy
- Had business and financial plans
- Had goals and measured attainment
- Fostered accountability from self and others
- Were proactive
- Worked the books and managed the RULES (Rate, Utilization, Leverage, Expense Control, Collection Speed)
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| John Olmstead to Participate in Indiana State Bar Assn Solo Small Firm Conference |
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John Olmstead will faciliating a five hour pre-conference boot camp program entitled - Strategic Planning Hands-On Workshop: A Roadmap for Changing Your Future & Taking Your Practice to the Next Level on June 2, 2011 at French Lick, Indiana. The program will be part of the Indiana State Bar Assn Solo Small Firm Conference. Click here for the Indiana State Bar website and additional details.
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| FREE Guide to Law Firm Management Best Practices |
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