Asked and AnsweredBy John W. Olmstead, MBA, Ph.D, CMCQ. I am the managing partner of a 14 attorney estate planning firm in Lexington, Kentucky. We took a hard hit in 2008 during the recession and have just been recovering over the last couple of years. Business is up, but profits are still flat. We have not raised our hourly billing rates for several years for fear that we will not be competitive and will lose out on business. However, we believe that we must increase our billing rates and are concerned. What are your thoughts?A. I would bet you are leaving money on the table and you should in fact increase your billing rates. I often find law firms are more concerned about their rates than their clients are. You must remain competitive for the value package (including your experience, expertise, and reputation) that you are delivering. This does not mean being the cheapest estate planning firm in town. Some of my most successful estate planning firms are those charging the highest fees.Here are a few thoughts:
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September 9, 2015 |
Practice News
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September 8, 2015
Join your peers for an afternoon of socializing and horse racing at this annual event! Register by 9 a.m. on Friday, September 11, 2015.When: Saturday, September 12, 2015, Noon – 6 p.m.Tickets will be available for pick up at 11:15 AM on race day at the will call window, Grandstand Entrance (east side off of Wilke Road entrance).Where: Arlington Park Racecourse, Arlington Heights - ISBA will be at umbrella covered picnic tables located near the 1/8 mile pole.Cost: $9 per adult, $2 per youth age 4-17. Tickets are complimentary for children 3 and under. General Admission cost includes admission to the park, a daily racing guide, and a fabulous day of Thoroughbred racing! Lunch is not included.Deadline: Register by 9 a.m. on Friday, September 11, 2015. Ticket refunds are no longer available after Wednesday, September 9, 2015.For information on permitted and prohibited items in the park, please visit: http://www.arlingtonpark.com/plan-your-visit/general-information/park-policiesQuestions: Please email Melissa Burkholder at mburkholder@isba.org or Blake Howard at bhoward@isba.org.
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September 3, 2015
New regulations that take effect on October 3 will significantly alter common residential real estate closings and the practice of real estate attorneys. At a recent ISBA CLE seminar, Ralph Schumann, president of the Illinois Real Estate Lawyers Association (IRELA), referred to the coming changes as a "dramatic sea change" and notes that there "hasn't been anything this big in the past 40 years."The changes are being implemented by the federal Consumer Financial Protection Bureau (CFPB), which was created by the Dodd-Frank Act in the wake of the 2008 mortgage meltdown. They take the form of a program that is commonly referred to as TRID, an acronym for TILA-RESPA Integrated Disclosure. The new rules will apply to transactions involving mortgage loan applications submitted on or after October 3, 2015. Find out more in the September Illinois Bar Journal.
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September 3, 2015
Here is the Illinois Supreme Court Call of the Docket for September Term 2015:Call Tuesday, September 15, 2015 - 9:30 A.M.No. 117242 - People State of Illinois, appellant, v. Cavinaugh Oral Hughes, appellee. Appeal, Appellate Court, First District.No. 117470 - People State of Illinois, appellant, v. Juan Oral Williams, appellee. Appeal, Circuit Court (Cook).1 comment (Most recent September 10, 2015)
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September 3, 2015 |
Member Services | ISBA News
The Illinois State Bar Association’s Lawyer Finder Service provides referrals to local lawyers Mondays through Fridays. The Service makes referrals in a number of areas of law. For the month of August 2015, there were 794 calls and 806 areas of law. ISBA helped people in need of legal services find lawyers in the following areas:Here are the results for August 2015:806 phone referrals made by Lawyer Finder staffMost requested areas of law: Personal Injury (154), Family (140), Criminal Law (78), Real Estate (77), Employment Law (65), Civil Disputes (54) and Estate/Probate Law (37).20,026 visits to IllinoisLawyerFinder.com (17,703 unique visitors)Want to be part of the ISBA Lawyer Finder Service? Call (800) 252-8908 and ask for the Legal Department, or visit www.illinoislawyerfinder.comClients should call (800) 922-8757.
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September 3, 2015 |
Events
Join your peers for an afternoon of socializing and horse racing at this annual event! When: Saturday, September 12, 2015, Noon – 6 p.m.Tickets will be available for pick up at 11:15 AM on race day at the will call window, Grandstand Entrance (east side off of Wilke Road entrance).Where: Arlington Park Racecourse, Arlington Heights - ISBA will be at umbrella covered picnic tables located near the 1/8 mile pole.Cost: $9 per adult, $2 per youth age 4-17. Tickets are complimentary for children 3 and under. General Admission cost includes admission to the park, a daily racing guide, and a fabulous day of Thoroughbred racing! Lunch is not included.Deadline: Register by Wednesday, September 9, 2015. Ticket refunds are no longer available after Wednesday, September 9, 2015.For information on permitted and prohibited items in the park, please visit: http://www.arlingtonpark.com/plan-your-visit/general-information/park-policiesQuestions: Please email Melissa Burkholder at mburkholder@isba.org or Blake Howard at bhoward@isba.org.
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September 2, 2015 |
People | ISBA News
In a continued effort to expand our legal network and better serve the ISBA, President Umberto S. Davi was sworn-in by Chief Justice Patience Drake Roggensack of the Wisconsin Supreme Court and admitted to the Wisconsin Bar on a Motion made by State Bar of Wisconsin President Ralph Cagle. The ceremony took place on Friday, August 28, 2015, in the Wisconsin Supreme Court, which is located in the Capitol Building, in Madison, Wisconsin. Pictured are (from left) Jan Davi, President Davi, Justice Roggensack, Wisconsin Bar Past President Michelle Behnke, President Cagle and Marie Sarantakis.2 comments (Most recent September 3, 2015)
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September 2, 2015 |
Practice News
ISBA Director of Legislative Affairs Jim Covington reviews legislation in Springfield of interest to ISBA members. This week he covers Condominium Property Act (House Bill 2644), Decriminalization of cannabis (House Bill 218), Common-Interest Community Association Act (Senate Bill 1344), Personal Information Protection Act (Senate Bill 1833), Binding arbitration (Senate Bill 1229) and Juveniles in care of State (House Bill 3507). More information on each bill is available below the video.Condominium Property Act. House Bill 2644 (Cassidy, D-Chicago; Steans, D-Chicago) deletes a provision in current law that allows unit owners to enforce a provision in a declaration that would otherwise be void and ineffective if at least 75% of the owners approve at a any time after the election of the first unit-owner board of managers. Governor Rauner vetoed this because he believes that this is an unnecessary restriction on the rights of condominium owners with respect to their property.
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September 2, 2015 |
Practice News
Asked and AnsweredBy John W. Olmstead, MBA, Ph.D, CMCQ. We are a six partner litigation firm in Des Moines, Iowa. This year we hired two associates and they are our first. We have not provided them with the best mentoring or guidance - it has sort of baptism by fire. I would appreciate your thoughts on what we should be doing concerning performance management.1 comment (Most recent September 3, 2015)
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September 1, 2015 |
ISBA News
The ISBA Rule 711 Committee, an initiative of President Umberto S. Davi, met on Thursday, Aug. 27 at the Chicago Office. Members of the committee included (front row, from left) Michelle Dahlquist, President Davi and Jessica Durkin; (back row, from left) Marie Sarantakis, Ryan Henderson, Committee Chair Judge Michael Chmiel, Robert Park, Eva Tameling, Theresa Ceko and Committee Vice-Chair Kelly E. Gordon. The Committee is exploring the expansion of the 711 license to private law firms. Michael Bergmann and Christina Cullom also serve on the committee.