Question:
We are a group of six partners that are in the process of leaving a well established firm in Los Angeles, California and will be starting our own firm. In our early planning we have been discussing how we
Olmstead & Associates
Olmstead & Associates is a practice management, marketing, and technology consulting firm that works with law and other professional service firms ranging in size from 100 professionals to firms with solo practitioners. The firm, founded in 1984 and based out of St. Louis, Missouri, serves clients across the United States assisting them with implementing change and improving operational and financial performance, management, leadership, client development and marketing. Our clients benefit from our results-orientated team approach to consulting engagements where we focus on implementing change and improvements rather than simply providing advisory services. We partner with our clients and serve as a member of our clients management team and function as an advisor, coach, teacher, and facilitator. Our coaching program provides attorneys and staff with one-on-one as well as group coaching to help them get “unstuck” and move forward on initiatives, reinventing both themselves and their law practices.
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Law Practice Succession Planning for a Sole Owner – A Question of Value
Question:
I am a sole owner of a three attorney firm in Chicago suburbs. I am sixty-five and have two associates in the firm. We do estate planning, elder law, and estate administration exclusively. While I want to continue working…
Law Firm Succession – Transition of Senior Partners Leadership and Management Roles
Question:
I am one of three founding partners in a 17 lawyer insurance defense firm in Houston. We have a total of 18 lawyers in the firm – 3 founding equity partners, 4 other equity partners, 5 non-equity partners, and…
Law Firm Practice Group Management – Practice Group Leader Roles and Responsibilities
Question:
Our firm is a 17 attorney insurance defense firm in Cincinnati, Ohio. We are in first generation and we have 9 equity partners, 3 non-equity partners, and 5 associates. We are managed by a three member executive committee and…
Law Firm Equity Partnership – Buy-Ins and Buyouts
Question:
I am the sole owner of a personal injury practice in Orlando, Florida. I am in my mid-sixties and am looking to transition out of the firm and retire in the next five to seven years. I have three…
Equity Partners – Valuation of Shares and Affordability
Question:
I am one of three founding partners in a 12 lawyer general litigation firm in San Francisco. All three of us are in are sixties and are looking to begin admitting others as equity partners. We have three non-equity…
Law Firm Compensation – Compensating New Equity Partners
Question:
Our firm is a seventeen lawyer insurance defense firm in Austin, Texas. The firm was founded by the two existing partners twenty-five years ago. In addition to the three founding equity partners we have five non-equity partners and ten…
Law Firm Succession – Incentives for Partners to Transition Clients
Question:
I am the managing partner of a twelve lawyer firm in Dayton, Ohio. We are a first generation business litigation boutique. We represent mid-size companies and handle multiple matters for these clients. We have seven equity partners and five…
Law Firm Succession – Equity Partnership – Process for Admitting Equity Partners
Question:
I and another partner are the owners of a seven lawyer family law practice in Chicago suburbs. We started the firm twenty years ago after leaving behind a partnership in another firm. Of the other five attorneys there are…
Law Firm Partner Compensation – Client Origination
Question:
I am the owner of a sixteen-lawyer firm in Nashville, Tennessee. We are in our twenty-first year of practice. The firm is a business litigation firm. There are five income partners (non-equity partners) and ten associates in the firm.…