Best Practice Tips: Law Firm Goodwill and Valuation
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am the owner of a six-attorney litigation firm in the San Francisco Bay area. I am 60 years old and starting to consider gradually transferring my interest to associates in the firm. I have heard other attorneys mention that I should get some goodwill out of my practice. I would appreciate your thoughts.
A. Many law firm owners prefer to leave a legacy and keep the firm "within the family." They transition the firm to non-equity partners or associates in the firm at a discounted value, and buy-in as an incentive to stay on with the firm.
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 June 2018 there were more than 900 referrals given.
Orland Park Police Chief Timothy McCarthy received the ISBA Law Enforcement Award on July 2 during an Orland Park Village Board of Trustees meeting. ISBA President James McCluskey and ISBA President Elect David Sosin presented the award.