Best Practice: What to look for when considering joining or merging with another law firm

Asked and Answered By John W. Olmstead, MBA, Ph.D, CMC Q. I am a solo practitioner in Southern Missouri. I have been in practice for 20 years. I have a very successful practice with an excellent client base. I have three paralegals that I am able to keep busy. I have recently been thinking about whether I should consider joining another law firm. What should I be thinking about and what should I be looking for? A. I believe that the key question is - can a law firm offer its lawyers a measure of value independent of the skills, talents, and contributions of its partners? The answer can only be answered by recalling the advantages that the best law firms have over sole practitioners or groups of lawyers who share overhead and nothing more. These advantages include the following:

• Shared skills and expertise
• Backup or additional help when needed
• A safety net during economic downturns
• Shared resources, such as technology, library and research access, forms, and work products
• Cross-selling and/or referral of work
• Access to the expertise of lawyers in various disciplines
• Highly trained associates, legal assistants, and support staff
• A firm name or reputation that makes marketing easier
• More-sophisticated and highly skilled management
• Opportunities for individual lawyers to become highly specialized
• A system of partner coaching that brings out the best in each partner
• Emotional support, encouragement, and personal recognition
• Flexibility that allows lawyers to be more involved in probono, community, and bar activities
• Continuation of the firm beyond the tenure of the current owners

Just because a law firm holds itself out to be a firm does not mean that the advantages listed above exist in that specific law firm. If not - you might be better off staying solo. Click here for our blog on partnership topics Click here for our published articles John W. Olmstead, MBA, Ph.D, CMC, (www.olmsteadassoc.com) is a past chair and member of the ISBA Standing Committee on Law Office Management and Economics. For more information on law office management please direct questions to the ISBA listserver, which John and other committee members review, or view archived copies of The Bottom Line Newsletters. Contact John at jolmstead@olmsteadassoc.com.