Best Practice Tips: Six Worries That Keep Law Firm Managing Partners Awake at Night
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am a new managing partner in a 35-attorney firm in Tucson, Ariz. I replaced the previous managing partner who retired. He was the firm founder and had been in the position since the firm’s inception. I have had this position for six months and I am finding the job overwhelming – trying to serve my clients and managing the firm at the same time is very difficult. What are the major challenges that managing partners are having?
A. I understand and appreciate your situation. Managing partners advise me that the following challenges are what keeps them awake at night:

On Feb. 14, 2013, Rita Crundwell, former comptroller for the city of Dixon, Ill., was sentenced to 19 and a half years in prison for stealing more than $53 million from the city. Crundwell’s crime went on record as the largest municipal fraud in U.S. history. Just as shocking as the amount stolen from this small Illinois town was the fact that Crundwell engaged in her scheme to pillage Dixon for 20 years before being discovered. Crundwell's fraud once again focused an unflattering spotlight on the accounting profession and the role of the audit. The relevance of the audit has been in question since the uncovering of massive corporate frauds dating back to Worldcom and Enron. Subsequent to Crundwell's conviction, the city of Dixon sued its auditors, accountants and bank, settling their claim against them for $40 million.
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 July 2018 there were more than 800 referrals given.