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Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. Four years ago our 45 attorney firm developed and launched a strategic business plan. While we have implemented a few action items and achieved a few goals - overall our success has been dismal. What can we do to improve our success?
What if someone were to question whether your blind client knew the contents of her will. Would you be ready for that challenge? And suppose you learn as you begin your interview with a prospective testator that he is deaf. What's your next step?
A helpful article by Gerry W. Beyer in the latest ISBA Trusts & Estates newsletter explores these and related questions. It also advises how to meet the needs of illiterate and physically disabled clients.
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. Our firm is an 8 attorney general practice firm in Kansas City. In addition to hourly work we have a heavy mix of contingency fee work as well. Other than our monthly profit and loss statement and a report of hours produced we have no other financial reports that we use. I have read about financial dashboards. What might we use them for in our firm?
A. In these economic times effective pipeline management is becoming more and more important in law firms - especially in those firms that do a lot of contingency fee work. This might be a good place to start using some dashboard metrics.
Pipeline management is a term used in the management consulting profession to refer to the process by which you continually evaluate your active opportunities (prospective clients to booked clients) for their balance of QUALITY and QUANTITY. The goal is to continually stay on top of the overall health which is a full pipeline. Pipeline management allows client relationship managers to more accurately forecast fee revenues, better staff and manage client engagements, and close more client business.
I often also refer to Pipeline Management in law firms in the context of using financial dashboards by which the individual charged with financial management responsibilities is continuously aware of significant changes in the firm's Pipeline (from prospects to cash):
An Illinois legislative proposal would give members of a civil union the same benefits enjoyed by married couples under the federal Family and Medical Leave Act. Find out more in the May Illinois Bar Journal.
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am managing partner for a 16 attorney firm in Minneapolis. We have been having problems with one of our senior partners. He is our highest fee generator - both origination and generation. He operates as a "lone ranger" and refuses to work as a team member with others. He won't follow firm policy or play by the rules. We are trying to build a team based practice and this one partner is holding up our progress. Do you have any thoughts or suggestions?
A. Getting and keeping the right people on the bus is a key challenge for law firm management and dealing with "maverick partners" is always a challenge. Of course they seem to always be the heavy hitters and this makes it that much more difficult as often there are major clients and large sums of money at stake - at least in the short term. This can also be major issues and large sums of money at stake in the long term if you don't deal with the maverick partner as well. In addition you won't be able to achieve the vision and goals the firm is trying to achieve.
Three bills drafted in large part by members of the ISBA Trusts and Estates Section Council would amend Illinois trust laws to make them more responsive to modern practices and easier to comply with for everyone involved in the estate-planning process. Among other changes, the legislation would make nonjudicial trust modifications easier and limit the risk of liability for fiduciaries who handle specific trust-related tasks. Find out more in the May Illinois Bar Journal.
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am a partner in a 16 attorney firm in Memphis. Our firm has had the same partner compensation system for 20 years and we are generally happy with it. It is an eat-what-you-kill system. Since we are generally happy why should we consider changing it?
A. You can start with the following firm self-test. Has the firm experienced or is it experiencing:
If your firm is experiencing or has experienced the above symptoms, it is time to really examine where the firm is headed and what messages your compensation is sending to your partners. Is the firm trying to be a firm or merely a group of lone rangers? Even though your partners are content, your compensation system may be holding the firm back from becoming all that it desires to be. Contentment may not be the best measure of success.
"A gradual shift in how Illinois courts are deciding cases involving negligent-product-design claims appears to be evolving following the Illinois Supreme Court’s recent ruling in Jablonski et al. v. Ford Motor Co.," George Bellas and Patrick Andes write in the latest ISBA Bench and Bar newsletter. The new direction "bodes ill for plaintiffs," the authors say. Find out why.
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am sole owner of a law firm in Chicago with an elder law practice. I have two paralegals and two legal assistants. Although I want to continue to practice as long as I can I am in my late 60s and am beginning to think about what to do with my practice. I have recently had several discussions with another sole owner that is interested in buying my practice. Since I want to practice as long as I can I am concerned about the timing of selling my practice due to the current ethical rules. I also want to insure that the other firm would be the right fit for my clients and staff. Do you have any thoughts or suggestions?
A. Making the right decision concerning the "Who" is usually more important than the "What" or the "How". Take your time to do the proper due diligence regarding the other firm. Get to know the owner as well as the employees of the other firm. Ascertain practice, client, and cultural compatibility. If you both determine that a a deal might make sense - then move to the "How."
The latest ISBA Bench & Bar newsletter features a description of recent supreme court initiatives and rule changes -- e-filing, cameras in the courts, electronic-instead-of-print publishing of official opinions, etc. -- written by someone who should know. Read Justice Karmeier's review.