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Law Practice Management News
Ideas for Lawyers and Managers That Dare To Be Different January 2014

in this issue

Managing Law Firm Partners - How to Herd the Cats

Law Firm Succession - Motivating Senior Partners to Embrace Retirement

Solo/Small Firm Question of the Month - Starting a Law Firm - Going Out On My Own - The Most Important First Step

Download Our Profitability Checklist

Looking to Sell or Merge Your Practice - Let Us Know


 
Johns Photo

John W. Olmstead
MBA, Ph.D, CMC

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.

  • We represent a law firm in Central Kentucky looking to sell their tax preparation practice.(Has Been Sold and Closed)
  • We represent a firm in Chicago Southwest Suburbs looking for solo/small firm acquisition opportunities in various areas in Central Illinois.
  • 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.


  • Managing Law Firm Partners - How to Herd the Cats
  • Non-productive partners always pose a challenge. They are usually the "nice - easy to get along with folks" which makes it difficult to confront and deal with them as well. However, the longer that you let such problems fester the harder these situations will be to deal with in the long term. Layout performance expectations and deal with them in real time.

    Consider

    • For starters - if you have not already - create a well understood set of firm core values or code of conduct that governs behavior in the firm. For example, in most firms people are expected to work hard, be honest, and treat each other with respect.
    • Partners as well as all other attorneys and staff should behave in a collaborative, cooperative, and team-orientated manner.
    • Partners as well as all other attorneys and staff should comply with all firm policies and procedures.
    • Enforce firm policies for all - no exceptions.
    • Consider coaching, counseling or other forms of outside assistance if they could prove helpful.
    • Lay down the law - confront and deal with the problem partner sooner than later - even if it means him or her leaving the firm.

    You will need to sit down with your other partners and get their support and commitment to stand behind you and support you before you embark on this journey.

  • Law Firm Succession - Motivating Senior Partners to Embrace Retirement
  • I am working with more partners and firm owners in their 50s that have clearer ideas about their retirement timeline (often at age 65) than partners in their 60s and 70s. These partners are often the firm founders that built their firms and have a different attitude toward work and life than their partners that are in their 40s and 50s. Work/life balance is often a foreign concept to this older generation of lawyers.

    Often "the firm" has been the primary - or only interest - for some of these partners at the exclusion of family and other outside interests. In other cases, the partner's spouse may have passed away and the firm is the partner's LIFE. In such situations bringing up the subject is often difficult.

    While this is a difficult subject - not discussing the non-discussible because the topic is uncomfortable - is not the answer. :

    Click here for specific ideas . . .
  • Solo/Small Firm Question of the Month - Starting a Law Firm - Going Out On My Own - The Most Important First Step
  • Question I am a non-equity partner in a small law firm in Washington D.C. I have been with the firm for 15 years and there is no opportunity to become an equity partner. I am thinking about going out on my own. If there were one first step that I should take what would it be?

    Answer: Create a business plan - even if only a few pages - for the firm. Your plan will serve as a roadmap for your practice. Your mission should address what services you are selling, where you are selling them, and to whom. Your plan should address your competitive strategy - how you will be different than your competitors. It should also identify your core values. A vision for 5 years out into the future as to where you would like to see the firm and specific goals and objectives should be formulated.

    Your plan will give you a good indication as to whether you should start a practice or not.

  • 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