Asked and AnsweredBy John W. Olmstead, MBA, Ph.D, CMCQ. I am a solo owner of a small law firm in Southern Illinois and have been solo for ten years. I have two staff members in the firm. Recently I have been contemplating either bringing in a partner or joining another firm? What are the advantages and disadvantages?A. Partnership can offer its lawyers a measure of value independent of the skills, talents, and contributions of its individual partners?ProsThe advantages that the best law firms have over sole practitioners or groups of lawyers who share overhead include:Shared skills and expertiseBackup or additional help when neededA safety net during economic downturnsShared resources, such as technology, library and research access, forms, and work productsCross-selling and/or referral of workAccess to the expertise of lawyers in various disciplinesHighly trained associates, legal assistants, and support staffA firm name or reputation that makes marketing easierMore-sophisticated and highly skilled managementOpportunities for individual lawyers to become highly specializedA system of partner coaching that brings out the best in each partnerEmotional support, encouragement, and personal recognitionFlexibility that allows lawyers to be more involved in probono, community, and bar activitiesContinuation of the firm beyond the tenure of the current ownersCons
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November 2, 2011 |
Practice News
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November 1, 2011 |
Member Services
The TicketsAtWork Corporate Benefit Program offers Illinois State Bar Association members exclusive travel and entertainment discounts. We have over 500 regional and nationwide offers not available to the general public. Members can save on Walt Disney World tickets, Six Flags, Universal Studios and Cirque du Soleil, along with Broadway and Las Vegas Shows. In Illinois, the discounts range from Blue Man Group in Chicago to LegoLand in Schamburg.Check out the discounts at www.ticketsatwork.com/tickets/?company=ISBA%20
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November 1, 2011
The ISBA Mutual Insurance Company sponsored a reception at the National Museum of Surveying as part of the Illinois State Bar Association's Solo and Small Firm Conference. -
October 28, 2011 |
ISBA News | Events | Practice News
Illinois Supreme Court Chief Justice Thomas L. Kilbride delivered the plenary speech to a packed house on Friday morning at the Illinois State Bar Association's Solo and Small Firm Conference in Springfield. The Chief Justice detailed his rise from legal aid lawyer to solo practioner to the Supreme Court.Kilbride detailed his start as a young lawyer making $14,000 a year in 1981 at the Legal Aid clinic in Rock Island. He represented workers laid off during the early 80s recession from local factories.Kilbride left the clinic to join a small law firm in 1987. He did insurance defense work and made partner, but became unhappy with the long hours and lack of control. He left and went out on his own in 1993.He applied for associate judge three times, losing out each time. He finally won a much larger seat in 2000, joining the Illinois Supreme Court.News and notes from Chief Justice Kilbride:He switched from a BlackBerry to an iPhone 4S (yesterday)Yellow page ads worked great for him (though he admits this was pre-2000)Make your clients happy; then ask them to refer their friends and familyA law office in a prominent location may not be a good thing (some people want anonymity when seeing a lawyer)Some people correctly say he is "all screwed up" (he required 36 screws for injuries suffered in a biking accident)
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October 28, 2011
Chief Justice Thomas L. Kilbride delivered the plenary speech, From Solo to Supreme Court, before a packed room. The luncheon featured 60 Tips in 60 Seconds by Aaron Brooks, Todd Flaming and Bryan Sims. -
October 27, 2011 |
Practice News
Our panel of leading appellate attorneys review Thursday's Illinois Supreme Court opinions in the civil cases A.B.A.T.E. of Ill., v. Quinn and Sierra Club v. Illinois Pollution Control Board. The Illinois Supreme Court summaries are included for Criminal case People v. Hill and Family Law case In re Dar. C. and Das. C., Minors.CIVILA.B.A.T.E. of Ill., Inc. v. QuinnBy Alyssa M. Reiter, Williams Montgomery & John Ltd.This case concerned issues of legislative authority regarding an amendment to the CycleRider Safety Training Act. In 1993, the legislature amended the Cycle Rider Safety Training Fund (CRSTF) from a special fund inside the state treasury to a “trust fundoutside of the State treasury.” The appeal considered what effect this amendment had on the legislature’s authority to order the transfer of funds out of the CRSTF and into the General Revenue Fund (GRF). The issues included whether the transfer of funds out of the CRSTF amounted to an unconstitutional “taking” of private property without just compensation and whether, in order to transfer funds out of the CRSTF, the legislature had to first amend the CRST Act. The appellate court held that the removal of funds from the CRSTF was not an unconstitutional taking and that the legislature had the authority to order a transfer of funds out of the CRSTF and into the GRF. The Supreme Court affirmed.Sierra Club v. Illinois Pollution Control BoardBy Alyssa M. Reiter, Williams Montgomery & John Ltd.
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October 27, 2011
The Illinois State Bar Association's Solo and Small Firm Conference is under way at the Springfield Hilton. Fastcase CEO Ed Walters kicked it off this morning with two programs on legal research. Illinois Supreme Court Chief Justice Thomas Kilbride will be the plenary speaker Friday morning and will discuss how he went from a solo practice to the Supreme Court. -
October 26, 2011 |
Practice News
ISBA Director of Legislative Affairs Jim Covington reviews bills in Springfield of interest to ISBA members. This week he covers: House Bill 1604, Senate Bill 1694, Senate Bill 1259 and House Bill 1589. Information on each bill is available below the video.House Bill 1604 (Howard, D-Chicago; Sullivan, D-Rushville) allows a court to order the following relief for visitation abuse: (1) suspend the defendant’s driving privileges; (2) suspend the defendant’s professional license; and (3) fine the defendant for not more than $500 as a petty offense; (4) requires a finding that a party engaged in visitation abuse constitutes “a change in circumstances of the child or his custodian” under Section 610 of the Illinois Marriage and Dissolution Act. It is scheduled for a hearing next week in Senate Judiciary Committee.
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October 26, 2011 |
Practice News
How many lawyers really know where they want to take their practices? How many have a strategic plan, complete with a mission, goals and an action plan flowing from that mission, and a system for measuring success? Find out why you should be one who does in the November Illinois Bar Journal.
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October 26, 2011 |
ISBA News | Events
Ed Walters, CEO of Fastcase, will kick off the Illinois State Bar Association's Solo and Small Firm Conference on Thursday morning with "Fastcase: Introduction to Legal Research Training." Walters will take continue after that program with "Fastcase: Advanced Legal Research Training 10:15 a.m. – 11:15 a.m."Conference registration is now available on-site only.Visit the Conference website for information about the Registration Pricing, Meal/Social Functions, and more.Both of these programs provide 1.0 hour MCLE credit, including 1.0 hour approved