Asked and AnsweredBy John W. Olmstead, MBA, Ph.D, CMCQ. I am the founder and solo owner of a small firm in Memphis. Besides myself there is one non-equity partner and four associates. We handle the transactional and litigation work for small and large business concerns in the Memphis area. I am 60 now and would like to begin slowing down over the next five years, but I I don't want to retire completely. Over the past few years I have focused more on client development as opposed to serving clients and have turned over much of the client service work over to other attorneys in the firm. While I would like to receive some compensation from my sweat equity - I also do not want to place an unreasonable financial burden (large cash buy-in/buy-out) on others in the firm. Legacy of the firm is important as is a place to continue to work and contribute - so I really would like to transition the firm internally to deserving attorneys employed by the firm. What are your suggestions concerning how I might accomplish this?A. I often ask attorneys - are you more a lawyer that wants to lawyer or a business person that enjoys and wants to focus on the business of law. It sounds like you, as you approach retirement, would like to spend more of your time "finding" rather than "minding" or "grinding". You might want to consider the following:1. Get a feel for the value of your firm. If you have been taking home say $400,000 per year - using that as a starting point for your rough value figure if you were to sell your practice to outsiders. Would you be willing to discount to transition the members of your current team? If so, maybe that figure might be $200,000 - $300,000.

ISBA Teleseminars simply and conveniently bring continuing legal education seminars to your office via the telephone…they usually broadcast at noon….and they’re one-hour in length…it’s that simple! Here’s a list of the upcoming ISBA Teleseminars:Tuesday, 8/6/13UCC Article 9 Update - A National Perspective

The Illinois State Bar Association's Board of Governors elected a new secretary and treasurer at its meeting Friday in Chicago.James F. McCluskey (left) will serve as secretary. McCluskey is a founding member of Momkus McCluskey, LLC in Lisle. He is in his fifth year on the Board. He has served as Chair of the ISBA Assembly Agenda & Program Committee and is a past member of the ISBA Civil Practice & Procedure Council.Judge Celia G. Gamrath (right) of Chicago was named treasurer. She is serving her second stint on the Board after being the Under 37 representative for Cook County from 2005-2008. She was a partner at Schiller, DuCanto and Fleck before becoming a judge in the Circuit Court of Cook County, Domestic Relations Division. She has served on the Assembly and was a member of the ISBA Young Lawyers Division from 1998-2006.The Board welcomed new members Bridget Duignan, Al Durkin, Gamrath and Kenya Jenkins-Wright of Chicago, Carey Gill of Carbondale, Hon. Elizabeth Rochford of Lake Forest, David Sosin of Orland Park and Angel Wawrzynek of Mattoon.

Chief Justice Thomas L. Kilbride announced on Thursday the names of six attorneys who have applied to fill a judicial vacancy in the Ninth Judicial Circuit. The vacancy was created by the retirement of Fulton County resident Circuit judge Edward R. Danner.