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

in this issue

Law Firm Fall Retreat - Insuring Success

Law Firm Attorney Retirement - How Law Firms Are Coping With Aging Attorneys

Solo/Small Firm Question of the Month - Law Firm Partnership - Client Origination Expectations for New Associate Attorney

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.

Law Practices For Sale and Law Practices Looking to Acquire Practices. As a service to our clients looking to sell, acquire, merge, or otherwise join another firm we now have an area of our website dedicated to helping our clients connect and explore mutual opportunities. Click here to access the listing. Interested parties should contact John Olmstead via e-mail at jolmstead@olmsteadassoc.com.

  • Law Firm Fall Retreat - Insuring Success
  • Many of our clients are planning fall or year-end firm retreats. A retreat will not be successful unless an implementation plan is formulated during the actual retreat and made a part of the proceeding. Specific assignments and completion dates must be agreed upon during the retreat itself and schedules for reporting on progress must be determined.

    At the conclusion of the retreat the outcome of the retreat and the implementation plan should be summarized.

    Within two weeks after the conclusion of the retreat a retreat report should be written and distributed to all firm members in attendance. Completion dates should be placed on the firm's calendar as well as the individual's calendar. A retreat follow-up item should be on each and every firm meeting agenda. A post retreat evaluation should be conducted six months after the conclusion of the retreat.

    Click here for our article on firm retreats

  • Law Firm Attorney Retirement - How Law Firms Are Coping With Aging Attorneys
  • Larger law firms are moving away from mandatory retirement. However, many large law firms still have mandatory retirement. According to a recent survey approximately 57% of law firms with over 100 attorneys have mandatory retirement programs. At the other end of the spectrum many smaller firms that never had mandatory retirement are beginning to incorporate some form of mandatory retirement in their agreements. In firms of all sizes and whether they have mandatory retirement programs or not - getting senior attorneys to deal and cope with aging is a challenge.

    Read on for a few thoughts . . .
  • Solo/Small Firm Question of the Month - Law Firm Partnership - Client Origination Expectations for New Associate Attorney
  • QuestionI am the sole owner of a four attorney general practice firm in Rockford, Illinois. I am 58 and realize that in the next few years I will need to begin implementing a succession and exit strategy by probably bringing in a partner. Two of the associates have no interest in partnership. However, the newest associate hired, who had his own practice for several years, does have such an interest even though he was recently hired. He is off to a good start as far as his production. However, I believe that he must be able to originate and bring in client business as well. So far his energy and focus has been totally on performing legal work. I want to get him started on the right track in order that I can make him a partner in a few years. Please provide any thoughts that you may have.

    Answer:I agree that in a practice such as yours that client origination is important. I suggest that you start by laying out and discussing with him your expectations. In other words what will it take for him to become a partner - production, quality of legal work, billings, client satisfaction, and origination of new client business? Be specific and set specific goals for him and your expectations for him but also your timeline for partnership consideration. I would suggest five years. Personally, I believe his client origination goal at the five year point should be between $300,000 and $500,000 or higher. Establish baby step goals for origination - say $50,000 after year one, $100,000 after year two, $200,000 after year three, $300,000 after year four, $400,000 after year five. This will require that you track origination fee dollars in your billing/accounting system. Specific guidelines and rules regarding the attribution of origination credit should be developed. In other words an attorney should not receive origination because a client calls as a result of the firm's brand, advertising, etc. and he is passed the call because he is the only attorney in the office to take the call.

  • 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 post confidential listings on our website.

    Click here for a link to view listings
  • 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

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