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   Ideas for Lawyers and Managers That Dare To Be Different
May 2016

Welcome to Olmstead & Associates Law Practice E-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 monthly. Look for it and send us you emails with ideas for topics that you would like covered.

The American Bar Association just released John Olmstead's book - The Lawyers Guide to Succession Planning in February. Click here for additional information and to order
 Law Firm Mergers - How Do Law Firms Handle Integration of Assets
Johns Photo
A variety of approaches are often taken in upstream mergers.
One approach is to transfer all of the assets and liabilities to the other firm and receive a credit to your capital accounts for the value of the contributed assets/liabilities with a check from the other firm if the value of the assets contributed exceed the required capital contribution based upon the ownership shares that you are being offered in the merged firm.

Law Firm Associate Attorney Performance 
Full-time associates that have been with a firm for a couple of years should be producing 1600 - 1700 billable hours per year. If your firm does litigation - 1800+ billable hours. Some practice areas such as estate planning/elder law - range in the 1500-1600 hour area.
The starting place is setting expectations. During interviews with associate attorneys at client law firms I ask - what is your billable hour goal/expectation, etc. Frequently I am told that they have no idea or they tell me that they think that the expectation is such and such. Other times they advise me that the firm simply does not have a billable hour expectation. Of course the partners tell a different story and can't believe that their associates are not clear on billable hour expectations.

American Bar Association Releases John Olmstead's Book - The Lawyers Guide to Succession Planning

 The book provides guidance to firms of all sizes, especially smaller  firms and shares succession and transition processes, approaches,  and step by step action plans for solo practitioners, sole owners and  members of larger law firms. Access to electronic copies of checklists,  project plans, documents, and agreements on the ABA website is  included with the book. 

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