Asked and AnsweredBy John W. Olmstead, MBA, Ph.D, CMCQ. We are an 8-attorney firm in Fort Worth, Texas. We have two partners - myself and my partner. Our approach to compensation has been based upon our ownership interest percentages which have been adjusted over time based upon working attorney (personal) collections. We have been discussing implementing a formula using working attorney collections and also bringing client origination credit into the equation as well - weighing each equally. Our ownership percentages would be adjusted based upon the fee credit ratio between the two of us. I would appreciate your thoughts on the matter.A. My first thought is whether you are trying to build a firm-first firm or a group of separate practitioners. How will you incorporate other factors such as firm management, business development, mentoring and training associates, etc? If both of you are making roughly equal contributions in these areas your approach might have merit but be careful that you do not head down the path of separate practices - and become a lone ranger firm. My other concern is with client origination - this often gets tricky. With only two partners you don't have anyone to serve in the capacity of attribution police when and if there are disagreements as to origination credit. (attribution committee) So you will have to be able to discuss this subject openly and hopefully upfront. Share origination credit when appropriate, allocate to firm when it appears that a client came to the firm based upon firm brand or name recognition, and consider a 5-year sunset provision whereby the credit reverts to firm or responsible attorneys.
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October 2, 2013 |
Practice News
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October 1, 2013 |
Events
This ISBA Standing Committee on Women and the Law will co-sponsor "Closing the Gap: Achieving Gender Pay Equity in Law Firm Compensation" on Thursday, Oct. 24 at Seyfarth Shaw LLP, 131 S. Dearborn, Chicago. The program runs from 3-5:45 p.m. with a reception following.There is no cost to attend, but registration is required. Register online at www.tinyurl.com/payissuesSCHEDULE3:00 p.m. - 3:05 p.m.IntroductionSpeaker: Roberta Liebenberg, Chair, Commission on Women in the Profession and Senior Partner, Fine, Kaplan and Black, R.P.C.3:05 p.m. - 3:55 p.m.Panel Discussion: Do We Understand the Pay Gap and How to Fix It?Moderator: Laurel G. Bellows, Chair, ABA Task Force on Gender Equity and Principal, Bellows Law Group PC4:00 p.m. - 4:45 p.m.Breakout Sessions: Realistic Approaches to Close the Pay Gap4:45 p.m. - 5:30 p.m.Recommendations from Breakout Groups5:30 p.m. - 5:45 p.m.Summary of Next Steps: How Will These Recommendations Be Used?5:45 p.m. - 7:00 p.m.Cocktail Reception
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October 1, 2013 |
Practice News
Michael J. Tardy, Director of the Administrative Office of the Illinois Courts, announced today that the 10th Judicial Circuit judges voted to select Kirk D. Schoenbein as an associate judge of the 10th Judicial Circuit.Mr. Schoenbein received his undergraduate degree in 1984 from Western Illinois University in Macomb and his Juris Doctor in 1987 from the University of Illinois College of Law. Mr. Schoenbein is currently affiliated with the U.S. Attorney's Office in Peoria.
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October 1, 2013 |
Practice News
Michael J. Tardy, Director of the Administrative Office of the Illinois Courts, announced today that the Second Judicial Circuit judges voted to select Jerry E. Crisel as an associate judge of the Second Judicial Circuit.Mr. Crisel received his undergraduate degree in 1970 from the University of Illinois and his Juris Doctor in 1973 from the University of Illinois College of Law. Mr. Crisel is currently engaged in solo practice in Albion, Illinois.
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September 30, 2013 |
Practice News
By Grant Nyhammer, ISBA Delivery of Legal Services Committee Most of us look forward to retirement as we envision ourselves having unlimited time and resources to do what we love most. Most of us, however, do not anticipate that we all become more vulnerable with the inevitable physical and mental decline in our abilities as we age. We also may not realize that retirement presents a bevy of new legal issues such as:
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September 30, 2013 |
CLE
Master the basics of administering a decedent’s probate estate with this full-day seminar in Bloomington on October 23rd! Follow along as respected estate planning practitioners guide you through the estate administration process – from the initial meeting with clients to closing the estate. Trusts and estate professionals with basic to intermediate practice experience who attend this seminar will better understand: What needs to be discussed during the initial client meeting; how to determine if probate is necessary or appropriate; the appropriate procedures for locating heirs and legatees; how to prepare an Affidavit of Heirship; how to handle claims against the estate; the tax consequences of distributions from the estate; when to use disclaimers and Powers of Appointment; how to create a plan for distribution; how to avoid conflicts of interest; and much more!The program is presented by the ISBA Trusts & Estates Section and qualifies for 6.0 hours MCLE credit, including 0.75 hour Professional Responsibility MCLE credit (subject to approval).Click here for more information and to register.
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September 25, 2013 |
Practice News
The Supreme Court of Illinois announced the filing of lawyer disciplinary orders on September 25, 2013, during the September Term of Court. Sanctions were imposed because the lawyers engaged in professional misconduct by violating state ethics law.
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September 25, 2013 |
Practice News
Asked and AnsweredBy John W. Olmstead, MBA, Ph.D, CMCQ. We are a 8 attorney firm located in downtown Chicago. We have just hired our first administrator/business manager and he starts in two weeks. We are concerned that we get started on the right foot so our experience is successful. Any thoughts?A. Relationship With PartnersOn the first day of employment with the firm, the administrator must begin to develop a relationship with the firm’s partners that is based upon need, understanding, credibility and trust.Governance PlanBusiness management in many law firms suffers from decision-making paralysis — in other words, helpless inactivity and the inability to act decisively. Lack of effective implementation of decisions is also evident. The result: missed opportunities and a deteriorating competitive position in the legal marketplace. Administrators who can be proactive and turn this situation around will be off to a good start to solidifying their positions in their firms.
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September 24, 2013 |
Events
This is the first luncheon in a three-part luncheon series aimed at teaching law students and young attorneys practical steps in developing their legal careers. Each luncheon will feature esteemed panelists discussing a variety of topics, while also taking questions from the audience. The first luncheon program will feature two panelists with financial planning backgrounds discussing investing in your future while also paying off your student loans. The registration deadline is Wednesday, Sept. 25.
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September 23, 2013 |
ISBA News
Make a charitable donation to Chicago Law and Education Foundation (CLEF) and your gift may be doubled.CLEF operates legal clinics in several Chicago Public High Schools and has gained national attention for its endeavors. CLEF has been funded by the Illinois Bar Foundation for several years and it can benefit from the generous support of the legal community.Any new or increased donation to CLEF made on or before Sept. 30 will earn a dollar-for-dollar match from the Illinois Bar Foundation – up to the first $5,000 donated. Help grow and stabilize the funding for one of Chicago’s most unique legal services organizations.Please consider making a donation today and earn a match from the Illinois Bar Foundation. Donate now at www.lawclef.org.