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Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am the managing partner of a 17 attorney law firm located in Rockford. While we have an active business law practice representing small companies we are planning on beginning to work more with entrepreneurial and startup companies. How can we go about finding and identifying these companies earlier in their development - possibly even before they have actually launched their businesses?
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am a partner in a nine-attorney firm in Topeka, Kansas. There are three active partners in the firm. For years, day to day management has been the responsibility of a managing partner that we appoint from time to time. We have just hired our first firm administrator, who is experienced and has worked in other law firms. Should we continue to have a managing partner or consider a different structure?
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am the managing partner of a 16 attorney insurance defense law firm in Kansas City. We have two equity partners, four non-equity partners, and 10 associates. Only the two equity partners bring in client business. Since our clients are insurance companies, most of our work is new business from existing clients. Unlike other firms doing insurance defense work our billing rates are low and we have to put in a lot of billable hours and maintain a high ratio of associates and non-equity partners to equity partners.
In the past our associates stayed for a while and left after several years. By the time they reached the higher compensation levels they left and we replaced them with lower cost associates. In the last few years - with the economy and the oversupply of lawyers - they are staying much longer. We are concerned about our reducing profit margins and at what point an associate or non-equity partner's compensation is "maxed out." We would appreciate your thoughts.
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am the partner in charge of marketing for our 12 attorney firm located in the Dallas suburbs. We are an estate planning/estate administration firm exclusively. We have a pretty good website with attorney bios and photos, articles, practice area descriptions, client testimonials and a blog that is updated weekly. We have been discussing the pros and cons of adding videos to the site. I would appreciate your thoughts.
A. I believe that videos can add to the quality of the site if done properly. A quality video can help you showcase your personality and bedside manner and help a potential client "get to know you." What you say may not be as important as how you say it. However, unless the video is a quality video and well done - it can do more harm than good. Here are a few thoughts:
1. Consider a video introduction by the managing partner introducing the firm linked off the home page.
2. Consider a video by each attorney linked off their bio pages.
3. Consider your audience - mom and pop individual clients as well as potential referral sources. Since your clients are individuals - dress and set your tone accordingly. Be a little less formal - speak to your client concerns. Think about their concerns.
4. Smile and be friendly.
5. Hire professionals to help you script and film professional quality videos. (Quality lighting and sound separates professional looking quality from homemade looking videos.)
6. Provide on-camera training and have your attorneys - Practice - Practice - Practice before live filming.
7. If you don't have anyone that looks good on camera - don't do it.
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am the managing owner of a four attorney estate planning firm in Phoenix. We also have two paralegals, a receptionist, and an office manager. We have always billed our clients by the hour but have been considering switching to a flat rate billing arrangement. I would appreciate your thoughts and suggestions.
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am an attorney in Miami. I have been out of law school for five years. I worked with a small firm for a year and then went solo and have been doing contract work for other law firms for the past four years. For the past year I have been trying to get a position as an associate with a small firm - but have not had any success. Recently, I had an interview with a 2 attorney (2 partners in their early 70s) firm and I thought the interview went well - I believe that I impressed them with my legal knowledge and skills. However, I did not get the position. They advised me that they were looking for less of a lawyer and more of a business person. What am I doing wrong?
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am the managing partner of an 8-attorney general practice firm located in Charleston, South Carolina. We have done a pretty good job of investing in technology. I am having problems getting our older partners to personally use the technology and this has resulted is our attorney staff ratios and resulting overhead to be higher than it should be. They seem to think that doing their own work is beneath them and want to have their own personal assistants. I would appreciate any thoughts that you have on the matter.
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. We are a 16-attorney insurance defense firm in Central Illinois. We have 8 partners and 8 associates. We are in second generation, have inherited our existing clients from the original founders, and currently have no rainmakers. We need to bring some rainmakers into our partner ranks and have been discussing the possibility of merger. I would appreciate your thoughts.
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. Our litigation firm is located in Grand Rapids, Mich. and consists of 12 attorneys - eight partners and four associates. We started the firm six years ago as a result of several of us leaving larger law firms and wanting to start something new and different. We have been discussing our current approach to law practice and want to consider alternative business models. We would appreciate your thoughts.
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am a 64-year-old solo practitioner in Arlington, Va. There are no other attorneys in the firm - I have one legal assistant. My practice is concentrated in estate planning and estate administration. I have just started giving thought to retirement and what to do with my practice. I want to provide continuity for my clients, security for my employee, and salvage any sweat equity from my practice if there is even such a thing? Personally, I question whether there is any potential for receiving any value from the practice - I think when you are done you are done. What are your thoughts?