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.

Website: https://www.olmsteadassoc.com/
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Latest from Olmstead & Associates - Page 2

Question:
I am a 64 year old lawyer that owns a small general practice law firm in Springfield, Illinois. There are two associates in the firm and two staff members. I have been thinking about retirement and how I should begin planning for it which I have not done. I love the work that I do for clients and have very few other interests. I get satisfaction and fulfillment from my work. I really want to work for ever. I would appreciate you thoughts.
Response:
You are not along. I have many lawyer clients that are in the 80’s and…
Continue Reading Law Firm Succession Planning – Retire or Continue Working?

Question: 
Our firm is a four attorney estate planning firm in Orlando, Florida. I am the owner of the firm and the other three attorneys are associates. We have three paralegals, a bookkeeper, and two administrative assistants. Approximately sixty percent of our practice is estate planning, thirty percent probate and trust administration, and ten percent elder law and special needs planning.
Our major challenge is finding and retaining paralegals. Over the years it has been our practice to hire experienced paralegals with three to five years experience. While this worked for us in the past we are currently experiencing high…
Continue Reading Law Firm Talent Management – Acquiring, Training and Retaining Paralegal Staff

Question:
Our firm is a twelve lawyer business law firm in San Antonio, Texas. We handle business transactions as well as ligation. Three of us partners started the firm seven years ago and the firm has grown since then. Currently there are seven equity partners and five associates in the firm as well as six legal assistants/paralegals and a bookkeeper. One partner serves as managing partner. The managing partner handles all of the administration except for the basic bookkeeping. Many management decisions require the approval of all of the partners. We are beginning to feel that we have outgrown our…
Continue Reading Law Firm Management Structure and Governance

Question: 
I am one of eight partners in a fourteen lawyer insurance defense firm located in Indianapolis, Indiana. Besides the partners there are six associates working in the firm all of which are newbies. The partners ages are 70, 68, 65, 62, 60, 58, 54, and 51 respectively. We have several partners at retirement age and we are looking for ideas on succession planning and how to encourage retiring partners to properly transition clients. We have had partners retire in the past and we did a poor job of client transition and the firm lost clients as a result. We…
Continue Reading Law Firm Succession – Encouraging Partners to Transition Clients

Question:
My husband’s ( Robert) practice is located in Alexandria, Virginia. The practice is a general practice with a focus on estate planning, family law, and real estate. He is now sixty and suffering from Alzheimer’s.  He has three legal assistants and two associate attorneys. The associates are newbies each out of law school less than three years, are risk adverse, have no client book of business, and have no desire to own a law firm.  As my husband’s physical health has declined his mental acuity has declined as well. However, rather than examining possible succession alternatives he has continued…
Continue Reading Law Firm Succession Planning – Spouse Having to Windup a Husband’s Practice

Question:
I am the owner of a 16 lawyer litigation firm in San Diego, California. There are 6 non-equity partners and 9 associates. I am 65 and hoping to retire in the next five years. I am planning on offering equity to two non-equity partners next year and possibly offering equity to other non-equity partners in the next few years. In addition to working out the financial arrangements and partnership structure issues that are typically documented in a partnership agreement, what sort of transitional issues should I be concerned about and plan for. Your advice is appreciated.
Response: 
Transitional work…
Continue Reading Law Firm Succession Planning and Transitional Work

Question:
I am the sole owner of a five lawyer business transactional law firm in Cincinnati, Ohio. I  am sixty-seven and hoping to retire in the next three to five years. Besides myself there are two non-equity partners and two associates in the firm. I have not properly saved for my retirement and I am hoping to sell my practice to the two non-equity partners in the firm for a substantial sum. I founded the firm thirty years ago and believe that I have invested substantial sweat-equity in building the firm up to where it is today. I am not…
Continue Reading Law Firm Succession Planning – Selling Practice to Non-Equity Partners or Associates in the Firm

Question: 
Our firm is a six lawyer firm in ChicagoLand that specializes in the areas of estate planning, estate and trust administration, and elder law. Four of the six lawyers in the firm are equity partners and two are associates. Our firm was formed ten years ago and almost all of our business comes from the internet. While we are grateful for the success and business that we have developed we believe we have missed the boat is getting more business from referrals from lawyers and other professionals as well as past clients. We are spending a fortune on marketing…
Continue Reading Law Firm Marketing – Referral Networks

Question:
I am a partner with two other partners in an estate planning firm in Seattle, Washington. All three of us are in our late sixties and contemplating retirement in the next few years. We have no associates in our firm and have been unsuccessful with retaining associates over the years. Therefore, we feel that we will have to either lock the doors or find a suitable firm to whom we can sell or merge with.
We have identified a candidate firm with a sole owner and two associates that might be a possibility. We have scheduled a first meeting…
Continue Reading Law Firm Merger – What Should We Discuss in our First Meeting

Question 
I am the sole owner of an estate planning firm in the San Francisco Bay Area. We have one branch office and are contemplating acquiring another practice that would give us a third office. We have a total of four lawyers plus myself working in the firm, 5 paralegals, and five administrative members including the firm administrator.
We acquired the office office via an acquisition five years ago. At first we had a paralegal that we inherited from the prior firm as the only permanent employee at the office and we would send up lawyers from the main office…
Continue Reading Law Firm Management – How to Keep Branch Offices From Becoming Fiefdoms

Question:
I am an estate planning attorney in Chicago. I am currently 72 and have been in practice and owned my own firm for 45 years. In the past I had an associate attorney in the firm and a couple of legal assistants. Currently I have one part time associate no assistants. I do all of my own paralegal and administrative work. My associate has no interest in taking over my practice. Therefore, I am considering options as what to do with my practice. I have wound down over the last few year by cutting back on my time and…
Continue Reading Law Firm Succession and Exit Strategy – Referring Out Work too Soon

Question:
I am sole owner of a law firm in San Rafael, California with an estate planning practice.  I have two part-time attorneys, four paralegals and three legal assistants. I am in my late 70s and want to retire in the next three years. I have recently had several discussions with another small firm that is interested in acquiring my practice via a merger. While I will only be practicing a few more years I want to ensure that I have the other firm would be the right fit for my clients and staff. Do you have any thoughts or…
Continue Reading Law Firm Succession – Using Affiliation or Of Counsel Relationships as a As a Pre-Merger Pilot Test

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 will structure and manage the firm. You advise and suggestions would be most welcomed.
Response: 
Most smaller to medium sized law firms choose one of three fundamental varieties of management structure. These systems may be characterized as management by:

  • Democracy
  • A managing partner
  • An executive or management committee.

    • Full Partnership – Full Partnership or All Partners –  Under a full…
    Continue Reading Law Firm Structure and Governance

    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 for the next five years I want to begin succession planning and gain some understanding of how to value the firm and what it might be worth, if anything. Your thoughts on this topic would be most appreciated.
    Response: 
    Prospective buyers whether they be attorneys in your firm or another firm must be willing to pay the price you are…
    Continue Reading Law Practice Succession Planning for a Sole Owner – A Question of Value

    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 6 associates. The three of us founding partners are in our 60s and approaching requirement and are concerned about succession planning and transition. We feel that we are in good shape concerning transition of clients but not so concerning management roles and responsibilities. The firm is managed by the three of us and we have kept tight reigns on the…
    Continue Reading Law Firm Succession – Transition of Senior Partners Leadership and Management Roles

    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 a firm administrator. We have been discussing the need to create a few practice groups and appointing practice group leaders for these groups. We are wondering what the roles of these leaders should be and what should be expected of them. Your advise is appreciated.
    Response:
    The overall purpose and role of practice groups as well as their leaders should…
    Continue Reading Law Firm Practice Group Management – Practice Group Leader Roles and Responsibilities