Best Practice Tips | Illinois State Bar Association A Law Firm Has Seven Departments

Law Firm Management Committee vs. Full Partnership

Posted supported by April 25, 2018 through Sara Anderson

Asked including Answered 

By John W. Olmstead, MBA, Ph.D, CMC

Q. I am a squeeze in a 14-attorney solid in San Antonio, Texas. We have eight partners including six associates working in the firm. The solid was founded 20 years ago, so we are a first-generation firm. Two of the partners were the founders of the solid including the more six were made partners in later years. Currently our manner of governing the solid is handled through the filled partnership. While every squeeze has one vote, we try to be in charge of through consensus. We do not have a managing squeeze or any committees. We have an office supervisor who chiefly handles the accounting and  workers oversight. The partners come across once a week to discuss issues including make decisions. We are opening to have issues in the company of our management structure. Partners are not showing up for the once a week meetings including complaining about the amount of time it is taking away from servicing their clients. Should we see a different approach? We would appreciate your thoughts.

Subjective Law Firm Partner Compensation Systems

Posted supported by April 18, 2018 through Sara Anderson

Asked including Answered

By John W. Olmstead, MBA, Ph.D, CMC

Q. I am a squeeze in a 12-attorney business litigation law solid in Palm Beach, Florida. There are five partners in the firm. We are contemplating merging in the company of another solid in the area of similar size. We have you're on our due diligence including have come across a possible non-starter—our compensation system. Our compensation arrangement is an objective, formula-based system. The more solid has operated under a subjective arrangement including they are pushing for the solid to operate similarly. We would appreciate your thoughts supported by this manner of compensation.

Associate Attorney Motivation

Posted supported by April 4, 2018 through Sara Anderson

Asked including Answered

By John W. Olmstead, MBA, Ph.D, CMC

Q. Our solid is a 14-attorney solid in Chicago. There are nine partners including five associates in the firm. Our use is restricted to insurance defense. I am one of the founders including higher ranking partners in the solid including have been practicing for 35 years. We are having problems getting our associates to lead to at the levels that we need for the solid to exist profitable. We have an annual 1,800 billable hour requirement including some of our associates are not even close. We have a bonus arrangement that pays associates a bonus based upon billable hours exceeding 1,800 billable hours. What are we doing wrong?

Law Firm Growth Planning

Posted supported by March 28, 2018 through Sara Anderson

Asked including Answered

By John W. Olmstead, MBA, Ph.D, CMC

Q. I am a squeeze in a six-lawyer insurance defense litigation solid in Jackson, Mississippi. There are three partners including three associates in the firm. Our solid has been at its current extent for many years, revenues have been flat, including profits have been shrinking. The partners have been discussing the pros including cons of growth including we would like to significantly grow the practice. A couple of our insurance business clients have asked us to unlocked offices in more states including we are giving this consideration. Initially, we would unlocked two more offices including we anticipate that this would require us to hire six additional attorneys. We appreciate any thoughts that you have.

Best Practice Tips: Law Practice Acquisition Proposal

Posted supported by March 21, 2018 through Sara Anderson

Asked including Answered

By John W. Olmstead, MBA, Ph.D, CMC

Q. I am a squeeze in a three-partner, six-attorney solid in Chicago. We have had discussions in the company of another law solid in the city regarding us acquiring their practice. The possessor is 70-years-old including wants to retire including door his practice. My partners including I have looked above the numbers including believe this would exist an excellent chance for us to expand our client base. The use handles the similar type of work that we do. We are lacking in confidence what our next step should be. Do you have any suggestions?

Best Practice Tips: Attorney Career Progression

Posted supported by March 14, 2018 through Sara Anderson

Asked including Answered

By John W. Olmstead, MBA, Ph.D, CMC

Q. I am a member of a three-member executive commission in the company of a 12-attorney solid in San Antonio, Texas. One of our responsibilities is oversight of our occupation development program for associates including non-equity partners. We have been discussing our policy of admitting associates to non-equity squeeze including non-equity partners to equity partner. Presently, we do not have anything in writing regarding timeline for thought or what qualifies one to move to the next level. Associates including non-equity partners are unhappy in the company of the current process. They want more clarity concerning their occupation advancement within the firm. Your guidance would exist helpful to us.

Best Practice Tips: Demonstrating Expertise Through Marketing

Posted supported by March 7, 2018 through Sara Anderson

Asked including Answered

By John W. Olmstead, MBA, Ph.D, CMC

Q. I am a new non-equity squeeze in a 16-attorney solid in Phoenix, Arizona. My equity partners are effective me that I have to do more than generate billable hours including perform quality work for clients. They now expect me to bring in clients. Where do I start?

A. I much advise attorneys that during the time that what you have knowledge of is significant what you want to exist known for is more important. Just having your title known is attractive useless unless it is known for something. For example, it is best to exist known as an outstanding own injury plaintiff lawyer – not recently a good lawyer. In law firms it is the reputation for knowledge that matters, not recently the reputation. Therefore, a victorious PR program necessity scheme including demonstrate expertise. This can exist accomplished in the following ways:

Best Practice Tips: Selling My Law Practice to My Associate

Posted supported by February 28, 2018 through Sara Anderson

Asked including Answered

By John W. Olmstead, MBA, Ph.D, CMC

Q. I am the possessor of a general use solid in Chicago’s west suburbs. My solid has three associate attorneys including three workers members. I am 64 including contemplating my retirement including door from the practice. I would like to start phasing backwards above the next three years including exist out of the use through December 31, 2021. There is one associate in the solid to whom I would like to trade the use including he has expressed an interest as well. What are your thoughts as to how I approach this?

Best Practice Tips: Law Firm Staff Work Distribution Analysis

Posted supported by February 21, 2018 through Sara Anderson

Asked including Answered

By John W. Olmstead, MBA, Ph.D, CMC

Q. I am a new solid manager in the company of a 35-attorney litigation solid in Los Angeles, California. The accounting department has seven workers members handling a variety of tasks. My partners are concerned that we are uneconomical including over-staffed. I am having a hard time finding where to start so to get a grip supported by this issue. Please provide any information that you are inclined to share.

Best Practice Tips: Compensation Ideas for Law Firm Staff

Posted supported by February 14, 2018 through Sara Anderson

Asked including Answered

By John W. Olmstead, MBA, Ph.D, CMC

Q. I am the solid manager in the company of a ten attorney solid in Long Beach, California. I absolutely enjoyed perusal your weblog post Law Firm Compensation – Bonuses for Staff, which discussed how to measure presentation for bonuses. I absolutely like the approach of establishing goals at the opening of every year — two for the firm, including two that are personal — and tying bonuses to perceptible outcomes. Have you used more approaches more than percentage of salary? Can you give additional examples of specific goals that would exist appropriate for a bookkeeper, office manager, or solid administrator?

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