Law Practice Management News
Ideas for Lawyers and Managers That Dare To Be Different February 2013

in this issue

Should You Merge With Another Firm?

Ideas For Law Firms Desiring to Take On More Contingency Fee Work

Solo-Small Firm Question of the Month - A Backup Up Plan for Small Law Firm Owners - Using Practice Continuation Arrangements

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.

Steve Lindberg, partner with Freedman Anselmo and Lindberg in Chicago (Naperville IL) in conjunction with his Masters Thesis is conducting a study on Emotional Intelligence of attorneys and the impact upon practice performance. He is asking attorneys to participate in the online study. Participants will receive a copy of their emotional intelligence results and an executive summary of the study findings. Click here to access the online survey. Call Steve - 630-989-3392 with questions.

We represent a law firm in Central Kentucy that is interested in selling its tax preparation practice to a accounting or law firm. Practice generates $300,000+ a year in fee revenue. Interested parties should contact John Olmstead via e-mail at jolmstead@olmsteadassoc.com.

  • Should You Merge With Another Firm?
  • Law firm succession and exit planning is one of the hottest management challenges facing attorneys whether they are partners in a law firm, a sole owner of a firm comprised of other employed attorneys and staff members or a solo attorney in practice with no other attorneys in the firm. Many firms are exploring "merger options" as one of their succession/exit options. Periodic merger option reviews should be incorporated in all long range strategic plans.

    The linked article provide a review and discussion of some of our key ideas on this topic.

    Click here for the full article and story . . . .
  • Ideas For Law Firms Desiring to Take On More Contingency Fee Work
  • Contingency-fee work can pose major risks for law firms, as they earn no fees if they lose those cases and sometimes have profits deferred in protracted litigation. In addition, cases can be lost with no fee whatsoever recevied. Whether your firm is considering "big deal" litigation or bread and butter run of the mill personal injury litigation you may want to consider the following:

    Click here for the rest of the story . . .
  • Solo-Small Firm Question of the Month - A Backup Up Plan for Small Law Firm Owners - Using Practice Continuation Arrangements
  • Question I am a 52 year old solo practitioner in Memphis with one non-attorney staff member. While I do have some concerns about my long term succession exit strategy my immediate concerns are more short term in nature. How do I cover and serve my clients if I take vacation, get sick, or get busy and need help? What are your thoughts?

    Answer: Sound practice continuation arrangements can solve this dilemma and preserve practice value and can help prevent a lawyer's spouse or immediate heirs from facing a hasty sale or disposition of the practice in an emergency. A practice continuation arrangement can also give lawyer practitioners, their staff, and their family's peace of mind.

    A practice continuation arrangement is an arrangement - typically in the form of an agreement or contract - made between an individual lawyer or a small law firm and another lawyer or law firm. The arrangement describes a course of action to transfer a lawyer's practice and sets payment for its value. In the event of vacation, temporary or permanent disability, or death, a practice continuation arrangement protects the practice, the business interests of the lawyer or law firm's clients and the financial interest of the lawyer and his or her family.

    There are different kinds of practice continuation arrangements. Typically a lawyer enters into a one-on-one agreement with another sole proprietorship, partnership, limited liability company, or professional corporation in the community. Agreements can range from simple "dual coverage for each other" for vacation or other temporary absences to sale of the practice in the event of long term disability or death.

    Look around for another solo practitioner or law firm that you can partner up with.

    Click here for out blog on succession
  • 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