Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am the owner of a 14-attorney insurance defense practice in Baltimore. I started the firm 20 years ago after leaving behind my partnership at another firm. Of the other 13 attorneys, there are four non-equity partners and the rest are associates. I am 63 and beginning to think about retirement and how I am going to transition out of the practice. Two of the non-equity partners are well seasoned attorneys, have major case responsibility, and have developed solid relationships with clients. I have discussed equity partnership vaguely with them, but their interests seem lackluster and they have been non-committal. I would appreciate your thoughts and advice on what my next steps should be.