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Greetings!
We would like to wish everyone a Merry Christmas and a happy holiday season. We hope you will find 2014 a prosperous and happy year for you and your families.
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.
- We represent a law firm in Central Kentucky looking to sell their tax preparation practice.(Offer Pending/Letter of Intent)
- We represent a business law firm in Houston, Texas looking to merge with another firm.
- We represent an estate planning firm in Chicago looking to merge or sell practice.
- We represent an estate planning firm in Peoria, Illinois area looking to sell practice.
Interested parties should contact John Olmstead via e-mail at jolmstead@olmsteadassoc.com.
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| Insurance Defense Law Firms - Risks and Strategies |
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Insurance defense law firms that have been approved as panel counsel for multiple insurance companies can inadvertently find that their revenue base is increasingly dependent on a shrinking number of insurance companies over time.
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Click here to read about specific risks and strategies . . . |
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| Law Firm Partnership - The Importance of Compatibility and Good Fit |
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Creating and maintaining a successful partnership takes a lot of work. Partnerships fail for numerous reasons but the number one reason for failure is "poor fit." Poor fit can destroy a partnership before it even gets started. Fit isn't as much about "the money" (financial goals) as it is about personal and professional goals.
- So be careful who you select to be your partners.
- *Don't feel that you have to make all of your associates partners.
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Click here for specific ideas . . . |
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| Solo/Small Firm Question of the Month - Law Firm Personal Injury Firm - Key Metrics and Dashboards |
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Question I am the managing partner of a 6 attorney personal injury plaintiff firm in San DIego. We are a high volume/small case firm that depends heavily on advertising. We have 1200 open files and are currently are spending 17% of our revenue on advertising. While our case management system provides us with numerous reports - what are key reports that we should be using?
Answer: Many of the billing and case management systems do a poor job of providing key metrics and dashboards that can be used to manage and control actual operations going forward. In a firm such as yours it is critical that you actively manage your inventory of cases, your pipeline, manage workflow, and insure that you are obtaining adequate return on your marketing investment.
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Click here for specific ideas and a sample dashboard . . . . . . |
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| Download Our Profitability Checklist |
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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.
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Click here to download ... |
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| Looking to Sell or Merge Your Practice - Let Us Know |
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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.
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| FREE Guide to Law Firm Management Best Practices |
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