Best Practice Tips: Law Firm Owners Use of a Leadership Team
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am the owner of a 14-attorney law firm in South Bend, Indiana. The firm is a health care firm that represents various medical facilities in the area. I am the managing attorney who makes all of the management decisions, and all of the other attorneys in the firm are associates. I also bring in the bulk of the firm's clients. I want to retire in the next five years and would like to sell my interests to three associates in the firm. However, I am unsure if they will be good partners with each other, whether they have the management and client development skills to lead the firm, or even if they would want to be partners. My other option would be to merge with another firm. I prefer to sell my interests to the three associates rather than merge if at all possible. What are your thoughts?
The 2017 Midyear Meeting was held last week, Dec. 7-9, 2017, at the Palmer House Hilton Hotel in Chicago. Attendees celebrated the profession, discussed issues of mutual interest to the bench and bar, attended business meetings, earned CLE credit, and expanded their social and professional networks at receptions and dinners. During section meetings and at the Assembly meeting, various members of the ISBA community were recognized with awards.
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