Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. We are a 14 lawyer firm in the Boston suburbs with four founding partners and 10 associates. Two of the partners are in their 50s and two are in their 60s. Several years ago we adopted a retirement buyout plan for the founding partners where each partner upon retirement is paid the balance of his cash-based capital account and a multiple of one times an average of his last three years earnings paid out over a five year period. I am concerned that when partners begin to retire the retirement payouts will place undue stress on operating funds and the firm's ability to be successful. I would appreciate your thoughts.
ISBA members, sign up to receive The Bar News' biweekly e-newsletter by emailing emailpreferences@isba.org
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March 23, 2016 |
Practice News
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March 23, 2016 |
Practice News
Take a step into the 21st century with Attorney George Bellas, and learn what it takes to survive e-discovery.
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March 22, 2016 |
Practice News
The Supreme Court of Illinois announced the filing of lawyer disciplinary orders on March 22, 2016, during the March Term of Court. Sanctions were imposed because the lawyers engaged in professional misconduct by violating state ethics law.
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March 22, 2016 |
Member Services
Wednesday, March 23 is National Puppy Day. Please celebrate with ISBA by posting a picture of your dog on Twitter with the hashtag #ISBApuppies. We'd also like to share lawyer George G. Vest's famous "Eulogy of the Dog" from 1870.1 comment (Most recent March 23, 2016)
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March 21, 2016 |
ISBA News | People
Attorney John E. Thies, a shareholder at Webber & Thies, P.C., in Urbana, and past President of the Illinois State Bar Association was installed as the Chair of the Board of Directors for ISBA Mutual Insurance Company on March 18, 2016. ISBA Mutual provides malpractice insurance to Illinois lawyers. As Chair, Thies said, he will continue the ISBA Mutual’s commitment to helping Illinois lawyers achieve the highest professional standards and guard against professional liability. “The availability of ISBA Mutual insurance is one of the most significant ISBA benefits. All the lawyers of our state owe a debt to the ISBA leaders who had the foresight to create this company in the interest of lawyers and their clients. I am delighted to serve as chair, and together with our board and staff, look forward to a strong year.”
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March 21, 2016 |
Member Services
Did you know members of The Illinois State Bar Association could receive a discount on auto insurance with GEICO? For your free quote visit geico.com/bar/isba or call 1-800-368-2734 today. Just mention you're a member and see how much more your special discount can save you.
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March 18, 2016 |
Practice News
The Nominating Committee of the Circuit Court of Cook County today announced its selection of the 26 candidates who will seek appointment to 13 associate judge vacancies by vote of the circuit judges. “The Nominating Committee worked diligently to ensure that any one of these 26 individuals will be an asset to the bench if ultimately elected by the circuit judges,” Chief Judge Evans said, adding that the process also examined applicants’ bar ratings, career achievements, and whether they could be fair and impartial adjudicators. “Given that all of the candidates received positive ratings from the bar associations, I am confident that our new associate judges will be ready to hit the ground running in the Circuit Court of Cook County,” Chief Judge Evans said. The Nominating Committee is made up of the following circuit judges:
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March 18, 2016 |
Practice News
The Circuit Court of Cook County is alerting the public that effective April 2, 2016, the Cook County Department of Facilities Management will no longer provide storage lockers for the public to store banned items at courthouses. This includes the Leighton Criminal Court Building, at 26th Street and California Avenue, where smartphones have been banned for the past 3 years. Chief Judge Timothy C. Evans was notified by the Cook County Department of Facilities Management that, due to security and staffing concerns, it will remove all storage lockers that it had installed at courthouses as a service for the public to safely store banned items while they conduct court business. “It is critical that the message gets out that there will no longer be lockers available beginning April 2 at any of the courthouses,” said Chief Judge Evans. “At the Leighton Criminal Court Building, my particular concern is that people who are relying on the county’s storage lockers won’t be able to clear security and will miss court if they bring a smartphone.” People who miss court could be subjected to bail forfeitures, be held in contempt of court or have warrants issued for their arrest. Family and friends of defendants and victims could also miss court hearings, and subpoenaed witnesses would be subject to being held in contempt of court and possible civil liability to the party issuing the subpoena. The Sheriff has banned approximately two dozen items from all Cook County courthouses, and the list includes items such as knives, mace spray, cameras and recording devices.
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March 18, 2016 |
Events
Please join us on Friday, April 8 for the Joseph R. Bartylak Dinner benefiting the Lawyers Assistance Program. The event will be held at the Sangamo Club at 227 E. Adams Street in Springfield. The event will consist of a reception beginning at 6 p.m. followed by dinner at 6:30 p.m. Cheif Justice Rita B. Garman will be the keynote speaker. Judge John Gorman will receive the Joseph R. Bartylak Award and Matthew Hutmacher will receive the President's Award. Tickets are available for $100 per person. Contact Bridget McLaughlin at 312-726-6607 or bmclaughlin@illinoislap.org for general information or assistance with tickets, sponsorship, or donations.
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March 17, 2016 |
Practice News
Attorney Erin Wright Lothson discusses the top 3 things lawyers need to consider when using social media.1 comment (Most recent March 30, 2016)