Best Practice Tips: Law Firm Merger or Of Counsel Arrangement with Larger Firms
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am a solo practitioner in upstate New York and I hope to retire in three years and move to Florida. I have been talking with a larger firm with 20 attorneys in Albany that has an interest in me either merging my practice with their firm or joining as Of Counsel. My plan would be to work three more years, gradually phase back, and transition clients and referral sources.
I have had several meetings with the partners in the firm and they are now asking me for detailed due diligence information – tax returns, financial statements, etc. I have no problem providing these documents, but I was wondering if I should be asking them for information. What do you think?
In 1858, Lincoln defended William Duff Armstrong on murder charges for the death of James Preston Metzker. During the trial, a key prosecution eyewitness named Charles Allen testified that he witnessed the fight after sunset by the light of the moon high overhead. Lincoln undermined Allen’s testimony by using an almanac to prove that the moon was on the horizon and did not provide sufficient light to see anything clearly at the time of the fight. William Duff Armstrong was acquitted and Lincoln’s use of the almanac became legendary in the legal community. Don’t miss this full-day seminar in Beardstown on Sept. 7, 2018 that examines the Lincoln Almanac Trial in the very courthouse where Armstrong was acquitted. Topics include: an examination of the case from the trial advocacy perspective, and what modern lawyers can learn from it; a look at Lincoln’s other murder trials, and how attorneys must fulfill their duty to represent clients zealously in such cases; the problem with eyewitness identification and how to deal with it effectively at trial; the ethical issues that can arise during a trial; and a look at Lincoln’s practice before the Illinois Supreme Court.