Question:
I am the managing partner of a thirty attorney insurance defense firm in Arlington, Texas. While we are still in our first generation – several of our partners are approaching retirement and some of our relationships in our insurance company clients are also retiring. We are looking for ways to shore up and expand our client base. We would appreciate your suggestions.
Response:
You need to get on more "approved lists" of insurance companies. Once you are on these lists you have to entice claims manager to use you as opposed to other law firms that are on their approved lists. In other words establish relationships with numerous claims managers throughout the company. This is harder than it used to be due to policies that many companies now have prohibiting various forms of networking such as dinners, gifts, ball games, etc. Now days it seems that educational venues is one of the few formats that is not frowned upon.
Here are a few ideas to get started:
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John W. Olmstead, MBA, Ph.D, CMC
Question:
I am a relatively new attorney. I graduated three years ago from John Marshall Law School in Chicago. After law school I started with a small firm in the northern suburbs. Now with three years under my belt I am considering starting my own firm. I would appreciate your suggestions on how to get started.
Response:
Owning your own practice will be much different that working for someone else. You will have to handle the nuts and bolts of running and operating a practice. You will not have people to do everything for you like you did in your last firm. You will need to learn how to be an entrepreneur and think like a businessperson.
First, I suggest that you give some thought as to whether you have what it takes to operate your own firm and plan out your business. Read my article on Starting, Building, and Managing a Law Firm. Click here for the article
Then write your business plan. Click here for the article
After your have developed your plan begin developing your business identity, firm name, tag line, website domain name, and related graphic package.
For ideas download a copy of our best practices guide
Consider legal structure for the firm. Register with appropriate governmental and tax authorities.
Determine where you will practice, how you will staff your practice, and technology needs. Keep as much of your overhead as variable and low as possible. Consider virtual employees. At first do as much work yourself as you can. Add staffing resources as your firm grows. Don't skimp on technology.
Implement a first class website on day one.
Good luck.
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John W. Olmstead, MBA, Ph.D, CMC
Question:
Our firm is a twenty-five lawyer firm with ten partners. Six of these partners are in their sixties. What should we be doing concerning planning the succession of these partners?
Response:
In a larger firm with multiple partners, shareholders, or members, succession and transition involves transitioning client relationships and management roles. Such transitions take time. Many larger firms have five-year phasedown retirements for this reason and require equity owners to properly transition clients and management responsibilities. Some firms tie retirement pay or compensation to completing a successful transition program.
A plan might included the following:
Some firms are providing economic incentives for the transitioning partner to handoff work to others.
The internal succession/transition plan provides a mechanism for the firm to outline a general timeline for a senior partner’s retirement, a process to effect an orderly transition of clients and management responsibilities, and a vehicle for starting initial discussions.
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John W. Olmstead, MBA, Ph.D, CMC
Question:
I am the owner of an eight attorney estate planning firm in Jacksonville, Florida. Our firm handles estate planning and estate administration. For this entire year our financial numbers are way down and I am getting concerned. For example, compared to last year:
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John W. Olmstead, MBA, Ph.D, CMC