Question:
I am a partner in a eighteen – lawyer insurance defense firm in Houston, Texas. There are ten equity partners and eight associates in the firm as well as an office manager/bookkeeper and six other paralegals/legal assistants. We started the practice nine years ago. Other than administrative matters handled by our office manager, the management of the firm is handled by involvement of all the partners. Currently, we are getting more and more frustrated with this method of governance and management. It takes forever to make decisions and the quality of our decision-making leaves a lot to be desired.
Continue Reading Law Firm Management Structure for a Small Insurance Defense Law Firm

Question:
I am the sole owner of a 20 lawyer litigation firm in Chicago. There are five seasoned non-equity partners and fourteen associates in the firm. I am 63 and trying to figure out what to do with the practice. While I am not ready to retire in the next several years I do want to slow down and be retired in five to seven years. How should I approach my transition and exit from the firm? You feedback would be appreciated.
Response:
You have a valid concern that is shared by many.
The pending retirement of the baby boomer…
Continue Reading Law Firm Owner’s Transition and Exit Strategies – Clients and Management Roles

Question: 
I am a partner in a 30 lawyers insurance defense firm in Phoenix, Arizona. We have 7 equity partners, 10 non-equity partners, and 13 associates. We represent insureds through insurance companies that are our clients and pay our bills. We also represent self-insured companies as well. Our firm is in second generation. The original founding partners have all retired and they are the ones that brought in all of the clients and managed and ran the firm. The firm was primarily run by a strong managing partner. Since the founding partners retired we have been struggling in managing the…
Continue Reading Law Firm Leadership – Midsize & Smaller Firms

Question:
Our firm is a two partner general practice firm in Akron, Ohio. I am 70 and my partner is 68 and contemplating retirement in the next few years. There are no other lawyers in the firm. We have two paralegals, one bookkeeper, and a receptionist. We have tried associates in the past but after we train them up they leave and go to larger firms. Our main concern is that we want a future home for our employees and our clients. We have been discussing whether a merger would be a good option for us. It seems that we…
Continue Reading Law Firm Succession and Exit Planning – Merger Option for Small Firms

Question:
I am a partner in a five lawyer firm in Columbus, Ohio. There are two partners in the firm and four associates. Our practice specializes in corporate business law and is one hundred percent transactional. We do not do any litigation work. Several of our associates started in BigLaw. All of our associates have been practicing for over ten years and some longer than that. None of our associates bring in – originate any client business. They are paid salaries and discretionary bonuses. While we have a billable hour requirement of 1600 hours none of our associates are even…
Continue Reading Law Firm Associate Compensation and Bonuses – Salaries & Fee Production

Question: 
Our firm is a 14 lawyer firm in St. Louis, Missouri that focuses on small businesses – both transactional and litigation matters. There are eight equity partners, two non-equity partners, and four associates in the firm. We are managed by a three member management committee and a firm administrator.
While we have been successful over the past fifteen years since the formation of the firm, we are experiencing numerous issues including:

…
Continue Reading Law Firm Leadership – Responsibility of the Partners

Question: 
I am the founder and owner of a business law firm in San Diego, California. There are 9 associates, four paralegals, and three administrative staff members working in the firm. I founded the practice 20 years ago and I have never had a partner in this firm. I was involved in a partnership in another firm prior to forming this firm. There were partnership issues which is the reason why I left and started my own firm. I have enjoyed the freedom of sole ownership but I now believe that in order to get to the next level, retain…
Continue Reading Law Firm Partnership – Bringing in a Partner – Issues to Consider

Question: 
I am the owner of a three attorney law firm in Rockford, Illinois. While we do a lot of business litigation we are primary a general practice firm that serves individual clients. There are two associates in the firm in addition to myself, two paralegals, and a receptionist. We outsource the bookkeeping work to an accounting firm. We have been having issues with the accounting firm and I am considering bringing the accounting in house and hiring a bookkeeper that can also handle office management responsibilities as well that I currently have to perform. I know that many law…
Continue Reading Law Firm Administrator and Firm Size

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