Law Practice Management News
Ideas for Lawyers and Managers That Dare To Be Different February 2012

in this issue

Getting Control of the Financial Side of Law Firm Practice

Contemplating Merging with Another Law Firm

Solo-Small Firm Question of the Month - Reducing Bar Complaints and Improving Client Service

Download Our Profitability Checklist

Looking to Sell or Merge Your Practice - Let Us Know

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John W. Olmstead


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.

  • Getting Control of the Financial Side of Law Firm Practice
  • Many of our clients have advised us that where in comes to the financial side of their practice they feel like "hostages". Bookkeepers and accounting managers get offended when they are asked questions. When partners do receive information they don't know how to read or interpret much of the information. Many are wondering how they can get control of their firm back?

    It is imperative that owners and partners in a law firm have access to financial information on a timely basis, understand the information, and use the information in a proactive way to manage the practice. We suggest.

    Read on . . .
  • Contemplating Merging with Another Law Firm
  • Research indicates that 1/3 to 1/2 of all mergers fail to meet expectations due to cultural misalignment and personnel problems. Don't try to use a merger or acquisition as a life raft, for the wrong reasons and as your sole strategy. Successful mergers are based upon a sound integrated business strategy that creates synergy and a combined firm that produces greater client value than either firm can produced alone. Right reasons for merging might include:

    Read on . . .
  • Solo-Small Firm Question of the Month - Reducing Bar Complaints and Improving Client Service
  • Question During the past year I had two bar complaints filed against me by clients. How can I improve this situation?

    Answer: Hopefully you have the right staff on the bus and you and they actually care and see the importance and value of client service. If not - an educational program for the entire firm combined with a coaching program for the offenders, if needed, might be a starting point.

    Here are a few other suggestions:

    1. Improve client selection. Learn to recognize problem clients and say no to some and do not represent them.
    2. Use engagement letters as a tool to manage client expectations. Underpromise and overdeliver.
    3. Ramp up your communications and communicate, communicate, communicate with clients as well as office team members. Communications problems with clients - both initially and later on in the engagement - is the root cause of most problems.
    4. Insure that you have effective office systems for managing client work production, conflicts of interest, calendar and docket control, and overall case management.

  • Download Our Profitability Checklist
  • Are you looking for a quick and dirty checklist to use to review the profitability of your practice. Click below for a copy of our Law Practice Profitability Checkup.

    Click here to download ...
  • Looking to Sell or Merge Your Practice - Let Us Know
  • We frequently consult and work with law firm clients working on implementing succession strategies that involve the sale of a law practice, merging with another firm, or hiring lateral talent. If you are looking to join up with another firm keep us in mind. We will be posting confidential listings on our website in the near future.

  • FREE Guide to Law Firm Management Best Practices
  • Download a FREE copy of our Guide to Law Firm Management Best Practices.

    To learn more about Olmstead & Associates visit their web site at www.olmsteadassoc.com

    To View & Print the FREE Guide

    ::Phone 314-241-5665