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

in this issue

Starting - Building - Managing a Law Firm

Law Firm Lawyer Laterals: Best Practices for Evaluating Lateral Hires

Solo-Small Firm Question of the Month - Lawyer and Client Referrals as a Law Firm's Sole Marketing Strategy

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.

STILL TIME TO PARTICIPATE - 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.

  • Starting - Building - Managing a Law Firm
  • The current national economy, downsizing of large law firms, over supply of new law school graduates, and the restructuring of the legal market generally has forced more attorneys into solo or sole owner practices. Seasoned attorneys from large and small law firms and new attorneys right out of law school are venturing into solo practice either by design or by fate. Many are simply not prepared for the challenges they must now face - practicing law and managing a business.

    I receive at least ten calls a week from attorneys that are in solo practice or are the sole owner of a small law firm with similar concerns and frustrations. However, there tends to be different needs and challenges depending which phase of development the firm is in. Here are a few survival tips for each phase:

    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 . . . .
  • Law Firm Lawyer Laterals: Best Practices for Evaluating Lateral Hires
  • Many law firms desiring to expand their practice and talent base as well as their geographic reach are considering seasoned lateral attorneys. The process can have numerous pitfalls.

    Initially consider and decide upon the actual goals and objectives that you hope to achieve by bringing in the lateral and your particular requirements and specifications for the candidate. Start by focusing on the person - then move to the other areas that must be considered. It is critical that you get the right person on the bus.

    Click here for the rest of the story . . .
  • Solo-Small Firm Question of the Month - Lawyer and Client Referrals as a Law Firm's Sole Marketing Strategy
  • Question I am the co-founder of an estate planning firm in Chicago. We have two associate attorneys, myself and my partner, and 6 support staff members. Our practice is limited to estate planning, estate administration, and elder law. Our marketing consists totally of referrals from other attorneys, past clients, and other referral sources. We believe that we have a successful practice with revenues consistently exceeding $1.8 million per year. We spend very little on business development and marketing. Should we be doing more?

    Answer: If you have a good website, e-newsletter, and are meeting your revenue and growth goals you may not need to invest any more in marketing and business development. You have been blessed with the referral sources that you have and you should be grateful. However, don't take them for granted - continue to nurture them and give first class service to the clients that they refer to you. Your primary marketing investments should be designed to nurture and enhance these and future referral relationships.

    Click here for out blog on marketing
  • 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