Practice News

Asked and Answered

By John W. Olmstead, MBA, Ph.D, CMC

Q. I am the sole owner of a 8 attorney practice in Houston. I am 55 years old and am beginning to think about retirement. The other attorneys are associates in the firm. What do I need to be thinking about in order that I can transition out of my practice and have money for retirement. While I have put some money in a 401k, I am not yet financially secure enough to retire.

A. You are not alone. As the baby boom generation ages - more and more attorneys are asking this question. Unless you have an appropriate Exit Planning Strategy and put in place a sound Exit Plan, it is doubtful that you will be able to cash in on the full value of the goodwill that you have created. To exit successfully you need:

Three newly posted ISBA ethics opinions deal with obligations of lawyers who 1) represent local governments, 2) have a client who gave false evidence in an administrative hearing, and 3) serve as GALs in adoptions.

13-04 - A lawyer serving as an officer of a financial institution who also owns a significant stock interest in it must comply with the requirements of RPC 1.8 when representing a municipality that engages in business transactions with the financial institution. Read the full opinion.

13-05 - When a lawyer discovers that his or her client in an administrative hearing has previously submitted false material evidence to the tribunal, the lawyer must attempt to persuade the client to correct or withdraw the false evidence, but if that fails and if the effect of the false evidence cannot otherwise be undone, the lawyer must disclose the false evidence. Read the full opinion.

13-06 - A lawyer, serving as a guardian ad litem of minors in an adoption proceeding, must obtain the consent of the lawyer for the petitioning parties before interviewing the petitioners and likewise must obtain consent before contacting the petitioners to request an interview with the minors. Read the full opinion.

Find more ethics resources including other ISBA Advisory Opinions and our ISBA Ethics Hotline at http://www.isba.org/ethics

Chief Justice Thomas L. Kilbride and the Illinois Supreme Court announced Tuesday several important new measures to improve equal access to justice for all of the people of Illinois, and especially for the poor and vulnerable.

ISBA President John E. Thies applauds the action of the Illinois General Assembly to increase court funding to $302.3 million, up from $281.1 million last year.

"With the leadership of the Illinois Supreme Court, and especially Chief Justice Thomas Kilbride, we have begun what we all hope will be a sustained commitment to reverse the reduction in court funding, thereby ensuring that courts continue to provide their constitutionally-mandated services to the people of Illinois," Thies said, continuing: "It remains an important priority of our Association to work with the Supreme Court, the Conference of Chief Judges, the Administrative Office of Illinois Courts and the rest of the organized bar to achieve this goal."

During his term as president, Thies advocated for an increase in court funding. He established a Special Committee on Fair and Impartial Courts, co-chaired by Kane County Judge Patricia P. Golden (Ret.), of West Dundee, and Illinois Appellate Court Justice James M. Wexstten, of Mt. Vernon. Their 64-page report, which addressed the serious funding crisis facing Illinois courts, was accepted on May 17 at a meeting of the ISBA Board of Governors.

"The committee's report stopped short of saying that the current court system could not do its job, but it recognized that the breaking point was near," Thies stated.