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Best Practice Tips: Law Firm Capitalization – Should There Be a Buy-In?

Posted on October 11, 2017 by Sara Anderson

Asked and Answered

By John W. Olmstead, MBA, Ph.D, CMC

Q. I am a partner in a firm in Los Angeles. We have nine attorneys: four partners and five associates. We are a young firm in that we have only been in business for four years. The four partners started the firm together, and we are equal partners who split the profits equally. When we started the firm, we each made equal capital contributions. We do not have a partnership agreement. We are thinking about bringing in two associates as equity partners and are trying to think through the mechanics. One of our questions is whether there should be a buy-in and, if so, how should we determine it. We would appreciate your thoughts.

ISBA Participates in Memorial Service for Hon. John Darrah

Posted on October 11, 2017 by Sara Anderson

ISBA and DuPage Bar presidents participated in memorial ceremony for Hon. John (Jack) Darrah at a DuPage County Board meeting held Tuesday, Oct. 10, at the County Board Room in Wheaton. 

Judge Darrah passed away on March 23, 2017. He was elected to serve in the state court in 1986, assigned to the Chancery Division of the 18th Judicial Circuit, DuPage County. He served in this capacity until 2000, when he was appointed to the United States Federal District Court for the Northern District of Illinois by President Bill Clinton. 

Hon. John Darrah's full obituary is available on Illinois Lawyer Now

5 Estate Planning Steps for Divorcing Clients

Posted on October 11, 2017 by Mark S. Mathewson

Divorcing clients have a range of estate planning needs, but some issues arise for nearly everyone whose marriage is ending, notes Chicago lawyer and ISBA member Lauren Evans DeJong. So be prepared to counsel your divorcing client about the following five estate-planning tasks.

Changing beneficiary designations. These include removing the soon-to-be ex as beneficiary "of [the client's] life insurance policies, individual retirement accounts, land trusts, and annuities," DeJong writes. Also review "transfer on death or payable on death bank or brokerage accounts, land conveyed by transfer on death deeds, and employee benefits."

Controlling access to online accounts. The Revised Uniform Fiduciary Access to Digital Assets Act, 755 ILCS 70/1 et seq., which took effect last year, "provides a priority system for individuals to specifically control disclosure of digital assets and content of electronic communications" on social media, email, and the like.

"Many clients will not want their…ex to have access to their e-mails, Facebook or Instagram accounts, financial or banking information, diaries, or other personal information," DeJong writes.

"Individuals can use online tools established by providers [e.g., Google's Inactive Account Manager and Facebook's Legacy Contact] to direct disclosure of digital assets," she writes. "[A]n online tool…takes precedence over any other method of directing disclosure." Another option is to draft a statement directing disclosure, which can be included in a client's will, trust, or POA.

Save the Date for the ISBA High School Mock Trial Invitational

Posted on October 10, 2017 by Sara Anderson

Mark your calendars for the ISBA High School Mock Trial Invitational, March 24-25, 2018, at the University of Illinois College of Law in Champaign-Urbana!

Help us make the 2018 invitational a success by participating! All lawyers, judges, law students, and paralegals are invited to volunteer as judges and jurors. No trial experience is necessary. Volunteer registration information will be distributed in January 2018.

The Mock Trial Handbook, Problem, and Registration Packets will be made available by November 1, 2017.

For information about the program, please visit the ISBA’s Law-Related Education for the Public’s website or email the mock trial coordinator, Katy Karayannis.

Trick-or-Treat Yourself in October with Special Lenovo Savings

Posted on October 10, 2017 by Sara Anderson

The haunt is on! Spooktacular savings up to 30% off select Lenovo devices, accessories and more. All month long take advantage of these screaming deals, well until they vanish.

Deals Include:

  • Up to 30% off Lenovo Accessories
  • Up to 25% off Lenovo Yoga Book
  • Up to 20% off Lenovo Mobile PCs
  • Up to 20% off Think Technologies

These special monthly offers are tailored specifically for you! Along with FREE shipping on all web orders, you can enjoy access to energy-efficient green technologies and award-winning service.

Visit Lenovo's Illinois State Bar Association member page.
Call: 1-800-426-7235, ext. 3577 (M-F: 9am-9pm ET, Sat: 9am-6pm ET)

Be sure to check the website often – special offers change frequently.

State of Illinois Seeks Public Service Administrator in Will County

Posted on October 9, 2017 by Sara Anderson

The State of Illinois seeks a public service administrator at the Northern Receiving Correctional Center in Crest Hill to plan, organize, direct, and evaluate the operations of the Preliminary Hearing Program Unit; serve as supervising hearing officer, traveling statewide to attend and/or conduct preliminary and complex hearings; provide technical assistance to the chief legal counsel; serve as a resource to government officials; provide legal opinions, interpretations, and advice; and serve as a full line supervisor.

To be eligible for this position, the applicant must be a graduate of a recognized law school. Requires prior experience equivalent to three years of progressively responsible administrative experience in a public or private legal organization, preferably in the areas of criminal justice or administrative law. Requires the ability to successfully apply learned knowledge and techniques to working environment. Requires working of the agency's program operations and policies. Requires the possession of a license to practice law in Illinois. Applicants must be in, and maintain, good standing with the Illinois Attorney Registration and Disciplinary Commission.

The application deadline is 5 p.m. CT on Wednesday, October 11. 

ISBA Hosts Half-Day Seminar for In-House Counsel

Posted on October 9, 2017 by Sara Anderson

Moderator R. Stephen Scott, President Hon. Russell Hartigan, and Program Coordinator Bernard G. PeterOn Friday, October 6, the Chicago Regional Office hosted "Pathways to Becoming Corporate General Counsel and the Issues You Will Face," a CLE program geared toward attorneys interested in learning about life as a general counsel. The half-day seminar featured seven speakers, all general counsel at major corporations, who discussed the steps and skill set needed to become a general counsel, and tips to success once you've secured a position in a corporate legal department. 

Lawyer Referral Services Makes Over 900 Referrals in September

Posted on October 9, 2017 by Sara Anderson

The Illinois State Bar Association’s Lawyer Referral Service provides referrals to local lawyers Mondays through Fridays. The service makes referrals in a number of areas of law. For the month of September 2017, there were a total of 922 calls.  ISBA helped people in need of legal services find lawyers in the 33 areas of law.

Here are the results for September 2017:

CLE: Illinois Medicaid Rules and Procedures Bootcamp

Posted on October 9, 2017 by Sara Anderson

Are you thinking of expanding your practice to include helping your clients apply for and receive Medicaid benefits to help pay for the cost of long term care? Then you won’t want to miss this nuts-and-bolts seminar in Chicago on October 12, 2017 that teaches you everything you need to know about the Illinois Medicaid rules and procedures. Estate planning practitioners, family law attorneys, elder law lawyers, and new attorneys with basic to intermediate practice experience who attend this seminar will learn: how to represent your clients when it’s time to apply for public benefits; how a homestead or family farm can affect Medicaid eligibility; the concepts and strategies you can use to legally and ethically protect assets while facilitating Medicaid eligibility; how to prepare and submit applications in Decatur and Chicago; how to appeal a denial of benefits; and much more.

Reserve Your Room for the 2017 Midyear Meeting in Chicago

Posted on October 9, 2017 by Sara Anderson

The 2017 Midyear Meeting will be held December 7– 9 at the Palmer House Hilton located at 17 East Monroe Street in Chicago. Our conference rate for 2017 is $179 for single or double occupancy, plus applicable taxes. Reservations at the Palmer House Hilton may be made online.

The deadline for making reservations for lodging is on or before November 4. Reservations received after this date will be subject to availability. The deposit will be forfeited for all no-shows, early departures, and cancellations less than 72 hours prior to arrival.

Watch Illinois Lawyer Now and the ISBA website for additional details, schedule of events, and registration information in the upcoming months.

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