Asked and Answered 

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

Q. I am the owner of a small general practice firm in Novato, Calif. I have three associates working in the firm, three legal assistants, and one office manager/bookkeeper. I started my practice 35 years ago right out of law school. I am 60 years old and wanting to retire within the next five years. None of my associates have the ability or the desire to take over the firm. I believe that my best option is to sell my practice to another practitioner or join another firm through a merger or other arrangement. I would appreciate your ideas regarding merging with another firm and how I would be compensated and receive payment for the goodwill value of my firm.

ISBA members can now schedule a one-on-one, remote consultation or send questions via email to legal experts through Practice HQ, our one-stop microsite for practice management and technology information.

Formed in partnership with Affinity Consulting, Practice HQ now includes two easy ways to get legal technology and law practice management questions answered for no cost by an Affinity expert.

PILI will grant $309,000 to fund 60 law student interns at 28 public interest law organizations across Illinois during the 2018-19 academic year and the summer of 2019.

PILI’s Law Student Internship Program connects law students from across the country with public interest law agencies in Illinois and pays them for their work.

Join us Oct. 24 in Bloomington for a full-day seminar focusing on a number of key real estate issues and recent case law updates and legislative changes that affect your client. Every commercial and residential real estate lawyer and general practitioner who attends this seminar will better understand: how to enforce judgments against Illinois real estate; how pending bankruptcies affect evictions, mortgage foreclosures, installment contracts, and mechanics liens; how to use five-day and 10-day notices of default on leases and mortgage loan default letters; why having a diverse and inclusive real estate practice is important; IDFPR regulatory and enforcement activities; and the newly proposed IDFPR DS-1 Disclosure for Producers of Title Insurance Business Form.

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 September 2018 there were more than 800 referrals given.

Here are the results for September 2018:

In August, the American Bar Association’s House of Delegates approved changes to its Model Rules of Professional Conduct concerning advertising. In October’s Illinois Bar Journal, ISBA General Counsel Charles Northrup, in light of the ABA’s decision, revisits the fundamental principle set out in Illinois Rule of Professional Conduct (IRPC) 7.1 — that lawyers may not make false or misleading communications about themselves, their practices, or their services. Given the ABA’s recent action, Northrup suggests revisiting this fundamental principle is worthwhile.

The Fellows of the Illinois Bar Foundation thank our latest new and upgraded Fellows for their commitment to supporting the mission of the Illinois Bar Foundation. Funds from the Fellows program make a direct impact on the lives of those in need, including our colleagues and their families during times of crisis and those who cannot otherwise afford legal representation. Fellows’ pledges are payable over 10 years and start at just $100 per year, or less than $9 per month. 

By Michael G. Bergmann

Coordinated by the American Bar Association’s Standing Committee on Pro Bono and Public Service, Pro Bono Week is intended to inspire even greater pro bono participation by lawyers throughout the nation. This initiative provides an opportunity for legal organizations across the country to collaboratively commemorate the vitally important contributions of America’s lawyers and to recruit and train the many additional volunteers required to meet the growing demand. The Standing Committee on Pro Bono and Public Service undertook this initiative to provide a format for showcasing the incredible difference that pro bono lawyers make to our nation, to our system of justice, to our communities and, most of all, to the clients they serve. For more information, visit www.celebrateprobono.org.

Asked and Answered 

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

Q. I am the owner of an estate planning firm in Milwaukee, Wis. I have five associates and four paralegals working in the firm. More of my time is spent on managing the practice and marketing than on servicing clients. I am trying to develop financial goals for the firm, but I am clueless as to what financial indicators or ratios I should be looking at and what constitutes good or bad performance. Anything that you are willing to share would be appreciated.